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 2015 Summary Statistics for Township Equalization
 

           Adjusted Median

Sale Counts Used in Study
3 Year Avg. Level of Assessment
2015 
Tentative  Multiplier
2015 Final  Multiplier
 
2012
2013
2014
2012
2013
2014
 
 
 
Antioch
34.97 33.90 32.18
227 
272 
330 
 33.68
.9895 
 1.0000
Avon
35.12 32.60 29.53
434
524 
605
 32.42
1.0282
 
Benton
35.64 32.39 31.09
79
117 
134 
 33.04
 1.0088 
 1.0000
Cuba
34.86 32.08 29.88
218
272 
205 
 32.27
1.0328
1.0155
Ela
34.06 31.88 30.12
391
568 
547 
 32.02
 1.0409 
 
Fremont
34.97 31.82 29.87
222
333 
344 
 32.22
1.0344
1.0000 
Grant
33.38 33.52 28.34
193
251 
301 
 31.75
1.0499
1.0050 
Lake Villa
35.16 32.77 29.88
267
384 
405 
32.60
1.0223
 0.9906 
Libertyville
33.96 31.90 29.03
485
702
643 
31.63
1.0538
1.0136 
Moraine
33.33 32.05 28.35 339 432
430 
31.24
1.0667
 
Newport
35.33 31.18 29.47 40 45
54
31.99
1.0418
1.0282 
Shields
34.78 31.86 28.57 194 262
236 
31.74
1.0502
1.0000 
Vernon
34.43 31.40 28.99 650 875
843
31.61
1.0545
0.9869
Warren
34.02 32.29 29.80 421 616
613
32.04
1.0404
1.0060
Wauconda
34.19 31.99 30.16 147 208
248 
32.11
1.0379
 
Waukegan
35.40 33.24 28.52 298 340
385 
32.39
1.0292
 
West Deerfield
34.44
31.28
28.80
339 450 377 31.51 1.0578
 0.9822
Zion
35.03
33.03
28.72 
91
123
127 32.26 1.0332
     1.0150


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, 2015. In analyzing the sales from the three previous years (2012, 2013, 2014) 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