Today the Illinois Department of Revenue released the final 2010 Cook County equalization factor. The multiplier for 2010 is 3.3000. The press release from the Department of Revenue is available here.
On June 28, 2011, an FR Alert notified you of the preliminary multiplier, which was released prior to Board of Review certifying the assessments for the 2010 tax year. As anticipated, the final 2010 multiplier came in at 3.3.
Click here to see table.
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 at 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.