Equalization Factors


  
 2017 Summary Statistics for Township Equalization

Township

Adjusted Median

Sale Counts Used in Study
3 Year Average Level of Assessment 2016 Final Multiplier  2017 
Tentative Multiplier
2017 Final Multiplier

2014 2015 2016 2014 2015 2016 
 

Antioch 32.64 32.96 30.90 330 393  430 32.17 1.0261  1.0362 1.0362
Avon 32.87 30.83 28.60 605 680  836 30.77 1.0946 1.0833 1.0833
Benton 33.90 30.77 30.52 134 138  188 31.73 1.0904  1.0504
1.0504
Cuba 31.92 32.01 32.29 205 286  317 32.07 1.0662  1.0392

Ela 32.90 32.28 31.64 547 599  445 32.27 1.0499  1.0327

Fremont 32.88 32.09 30.00 344 410  606 31.66 1.0667 1.0529 1.0529
Grant 31.84 30.51 29.10 301 332  421 30.48 1.0716  1.0934

Lake Villa 32.69 31.45 31.80 405 466  416 31.98 1.0707 1.0422
Libertyville 32.69 31.39 30.72 643 659  575 31.60 1.0699 1.0547
Moraine 31.51 31.44 32.23 430 407  445 31.73 1.0763  1.0504
1.0504
Newport 32.54 33.02 31.09 54 61  59 32.22 1.0589  1.0346

Shields 31.32 32.35 31.50 236 258  284 31.72 1.0620  1.0506 1.0506
Vernon 32.68 31.91 31.16 843 934  1021 31.92 1.0693  1.0443
Warren 32.71 31.85 30.98 613 728  796 31.85 1.0544  1.0466
1.0466
Wauconda 33.11 30.55 31.03 248 244 310  31.56 1.0893  1.0560
1.0560
Waukegan 32.79 28.98 25.12 385 400  505 28.96 1.1173  1.1508

West Deerfield 31.99 31.96 32.26 377 365  368 32.07 1.0643  1.0393

Zion 32.48 30.16 28.13 127 173  227 30.26 1.1021  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, 2017. In analyzing the sales from the three previous years (2014, 2015, 2016) 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