The Illinois Department of Revenue has released the tentative 2014 Cook County equalization factor. The preliminary factor is 2.6922. Prior year equalization factors are summarized below.
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The Property Tax Code requires the Department to issue a multiplier that, when applied to the assessed value of all property in a county (except for specially assessed property such as farmland), will result in the aggregate assessed value of property in the County being 33.33% of fair cash value. This equalization of assessed values is accomplished by comparing recorded sales prices to assessed values for the three prior years.
The release of the multiplier is consistent with the successful efforts by the Cook County Assessor and the Cook County Board of Review to complete their work much earlier than in the past. Barring unforeseen events, property tax bills will likely be on time again this year, with bills likely being mailed July 1 with a due date of August 1.