Equalization Factors


  
 2018 Summary Statistics for Township Equalization

Township

Adjusted Median

Sale Counts Used in Study
3 Year Average Level of Assessment 2017 Final Multiplier  2018 
Tentative Multiplier
2018 Final Multiplier

2015 2016 2017 2015 2016 2017 
 

Antioch

1.0362
1.0506
Avon

1.0833

Benton

1.0504
1.0630
Cuba

1.0392


Ela

1.0327

Fremont

1.0529

Grant
1.0934

Lake Villa

1.0422

Libertyville

1.0547

Moraine
1.0504

Newport

1.0346

Shields

1.0506
1.0170
Vernon

1.0443

Warren

1.0466
1.0295
Wauconda

1.0560

Waukegan

1.1508

West Deerfield

1.0393

Zion




1.1016
 
  

About Equalization


Equalization is the application of a uniform percentage increase or decrease to assessed values of various areas or classes of property in order to bring assessment levels, on average, to the same percentage of market value. 

In Lake County, on an annual basis the Chief County Assessment Officer determines the level of assessment in each township based upon the sales transactions that have occurred in the three years prior to the assessment date. This year's assessment valuation data is January 1, 2018. In analyzing the sales from the three previous years (2015, 2016, 2017) the CCAO takes the median level of assessment for each of those years, averages those medians, to determine the adjustment in assessments required in a township. Once the assessor has completed their assessment roll for the year, the CCAO analyzes the changes in assessments by class (residential, commercial and industrial) and determines what further adjustments are needed in a township, by applying a township multiplier to all non-farm parcels in the jurisdiction.

The Equalization Process


The equalization process is intended to bring the three year average of the median assessment levels in a township to 33.33% of market value, which is our statutory requirement in Illinois. Once the Lake County Board of Review has finalized its work in a given tax year, the Illinois Department of Revenue then takes on its role in performing equalization that is applicable to the entire county.

Illinois Department of Revenue Publication 136 (PDF)

Sales Ratio Studies

PTAX-215 - Assessment Ratios Adjusted for Changes through 2016