Navigate Up
Sign In
 

 

 2013 Summary Statistics for Township Equalization
 

           Adjusted Median

  Sale Counts Used in Study
3 Year Avg. Level of Assessment
2013 Tentative  Multiplier
2013 Final  Multiplier
 
2010
2011
2012
2010
2011
2012
 
 
 
Antioch
32.55
34.96
37.98
165
169
227
35.16
0.9478
 1.0000
Avon
30.93
36.86
40.11
317
323
434
35.97
0.9267
 0.9267
Benton
32.81
36.68
40.89
56
71
79
36.79
0.9057
 0.9057
Cuba
31.90
34.77
36.67
141
150
218
34.45
0.9676
 0.9852
Ela
32.40
34.91
34.92
261
268
391
34.08
0.9779
 0.9930
Fremont
32.63
35.03
36.90
166
178
222
34.85
0.9563
 1.0000
Grant
31.25
38.01
38.30
134
136
193
35.85
0.9296
 1.0000
Lake Villa
32.38
35.09
38.56
213
212
267
35.34
0.9431
 0.9900
Libertyville
32.14
35.68
35.49
332
357
485
34.44
0.9678
 1.0183
Moraine
32.29
35.51
34.19
247
239
339
34.00
0.9804
 0.9804
Newport
33.05
37.47
39.54
25
29
40
36.69
0.9085
 0.9085
Shields
32.44
34.91
36.39
147
153
194
34.58
0.9638
 0.9638
Vernon
32.21
35.26
35.53
428
486
650
34.33
0.9709
 0.9833
Warren
32.24
36.33
36.67
348
320
421
35.08
0.9501
 0.9833
Wauconda
31.58
36.91
37.32
99
107
147
35.27
0.9450
 0.9450
Waukegan
31.06
39.94
45.02
197
196
298
38.67
0.8618
  1.0321
West Deerfield
32.59
34.75
34.90
231
280
339
34.08
0.9780
 0.9780
Zion
31.97
37.46
43.29
67
93
91
37.57
0.8870
 1.0000


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. Equalization of assessed values is important (and performed) at each level of government - township, county and state.

 
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, 2013. In analyzing the sales from the three previous years (2010, 2011, 2012) 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 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
 
Sales Ratio Studies