Equalization Factors


                     2023 Summary Statistics for Township Equalization 

 Township

Adjusted Median 
 3 Year 
 Average
 Level of 
 Assessment
2022
 Final
 Multiplier

 2023
 Multiplier
 (* = Tentative)

202020212022

 
 Antioch 34.4929.4426.3030.081.07171.0215
 Avon 34.5630.0926.6530.431.0404
1.0018
 Benton 34.3730.2426.9430.521.0261
1.0215
 Cuba 34.8330.5728.0031.131.0173
1.0040
 Ela 34.1730.7427.6330.851.0263
1.0197
 Fremont 34.2630.4827.0930.611.0363
1.0019
 Grant34.4829.7526.5030.241.0609
0.9906
Lake Villa 34.6529.1026.4730.071.0765
1.0196
 Libertyville 34.0731.3828.1531.201.0220
1.0404
 Moraine34.5829.9026.5330.341.0345
0.9710
 Newport 35.4229.9127.3830.901.0144
1.0117
 Shields 35.2230.7327.3131.091.0087
1.0092
 Vernon 34.3431.2727.8531.151.0109
1.0039
 Warren 34.4930.2027.2930.661.0418
1.0000
 Wauconda 35.0130.4427.1530.871.0583
1.0718
 Waukegan34.3728.8126.7929.991.0088
1.0000
 West Deerfield 34.6831.2428.0531.321.0372
0.9902
 Zion 34.4628.8725.6129.651.0660
1.0139

   

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, 2022. In analyzing the sales from the three previous years (2019, 2020, 2021) 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 2022