Lake County Gazette

Lake County has received a tentative property assessment equalization factor of 1.0000 for 2025, according to David Harris, director of the Illinois Department of Revenue (IDOR). The equalization factor, also known as the "multiplier," is used to ensure uniform property assessments across Illinois counties, which is necessary because many of the state's 6,600 local taxing districts, such as school and fire protection districts, cross county lines.

State law requires that most property in Illinois be assessed at one-third of its market value. However, farm properties are assessed differently: homesites and dwellings follow standard procedures, while farmland and buildings are assessed based on productivity standards.

The equalization factor is determined each year for every county by comparing the sales prices of properties sold over the previous three years to their assessed values as determined by county officials. If the three-year average assessment matches one-third of market value, the multiplier is set at 1.0000. If assessments average above or below this standard, the multiplier is adjusted accordingly.

For Lake County, assessments were found to be at 33.28% of market value based on property sales from 2022 through 2024. The assigned tentative multiplier will apply to taxes for 2025, payable in 2026. Last year’s multiplier was also set at 1.0000.

According to IDOR, "The tentative factor is subject to change (1) if the County Board of Review takes actions which significantly affect the county assessments, or (2) if local officials or others can present data showing that IDOR's estimates of the average level of assessments in the county should be adjusted. A public hearing on the tentative multiplier will be held between 20 and 30 days after the tentative factor is published in a newspaper of general circulation within the county."

IDOR also clarified that a change in the equalization factor does not directly affect total property tax bills. Tax bills are determined by local taxing bodies based on their annual funding requests. If these requests do not increase compared to previous years, overall property taxes will remain unchanged even if property assessments rise.

"The assessed value of an individual property determines what portion of the tax burden a specific taxpayer will assume. That individual's portion of tax responsibility is not changed by the multiplier," according to IDOR.