What is the equalization factor in Illinois?
The final factor in 2019 was 2.9160, which means the 2020 factor has increased by 10.5% over 2019….Illinois Dept. of Revenue Releases Final 2020 Cook County Equalization Factor.
| Tax Year | Final Multiplier |
|---|---|
| 2018 | 2.9109 |
| 2019 | 2.9160 |
| 2020 | 3.2234 |
How do you calculate equalization factor?
An equalization ratio equals a property’s assessed value divided by its market value. A municipality typically uses the assessed value to calculate property taxes, whereas the market value is the amount for which the property would likely sell on the open market.
How is assessed value determined in Illinois?
There is no set rate for property tax in Illinois. Most property is assessed at 33 1/3 percent of its fair market value. Farmland is assessed based on its ability to produce income (its agricultural economic value). A farm building is assessed at one-third of the value that it contributes to the farm’s productivity.
What is a rate equalization factor?
Rate Equalization Factor: Equalization adjustment factors are applied to electric service rates for the purpose of ensuring all Iowa MidAmerican Energy customers will pay the same electric base rate within each rate class – residential, commercial and industrial.
When do you apply an equalization factor to a property assessment?
During non-reassessment years, property assessments are typically adjusted by applying an equalization factor. Assessment changes caused by State of Illinois factoring may not be appealed to local appeal boards and are not finalized until shortly before tax bills are issued.
How is local equalization different from state equalization?
Local equalization provides property owners the opportunity to appeal the equalized value and publicly discloses the new assessment much earlier within the annual assessment cycle. The state historically has used one factor for an entire county when state equalization was required.
How often do property values change in Illinois?
Assessed values may be changed either individually or as a group by the application of an equalization factor. Factors may be issued at the state, county or township level. The Property Tax Code requires local assessment officials to individually review and adjust, when necessary, assessed values once every four years.