CHICAGO, IL — Cook County property owners are preparing for the impact of the Illinois Department of Revenue’s newly announced 2024 equalization factor: 3.0355. Known as the “multiplier,” this figure is essential in standardizing property assessments statewide and directly influences how tax bills are calculated across the region’s 5.2 million residents.
What Is the Equalization Factor?
The equalization factor ensures uniform property assessments throughout Illinois. In 2024, Cook County’s three-year average assessment level (10.98%) remained well below the state’s required 33.33%, prompting the state to apply the 3.0355 multiplier…