Today, the Illinois Department of Revenue released the final 2009 Cook County equalization factor or multiplier. The multiplier for 2009 is 3.3701. The press release from the Department of Revenue is available here.
On August 2, 2010, an FR Alert notified you of the preliminary multiplier, which was released prior to the Cook County Board of Review certifying the assessments for the 2009 tax year. As the following chart demonstrates, the final 2009 multiplier is significantly higher than prior years and the tentative 2009 multiplier.
Please click here to view the chart.
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 all property in the County being 33.33% of the property’s fair cash value. This equalization of assessed values is accomplished by comparing recorded sales prices to assessed values for the three prior years, and it is done in an effort to implement property tax limitations and certain state funding programs fairly.