Navigate Up
Sign In
 

 

 2014 Summary Statistics for Township Equalization
 

           Adjusted Median

  Sale Counts Used in Study
3 Year Avg. Level of Assessment
2014 
Tentative  Multiplier
2014   Final  Multiplier
 
2011
2012
2013
2011
2012
2013
 
 
 
Antioch
32.99 35.84 36.82
169
227
272
34.53
0.9654
1.0000 
Avon
33.71 36.68 37.22
323
434
524
34.81
0.9575
 
Benton
33.22 37.03 37.16
71
79
117
34.64
0.9623
0.9623
Cuba
33.62 35.46 33.74
150
218
272
33.90
0.9831
0.9831
Ela
34.13 34.13 32.68
268
391
568
33.40
0.9978
 
Fremont
33.49 35.29 33.57
178
222
333
33.63
0.9912
0.9912
Grant
35.12 35.39 38.46
136
193
251
35.35
0.9429
 0.9597
Lake Villa
33.09 36.36 35.94
212
267
384
34.45
0.9676
  0.9952
Libertyville
34.44 34.25 33.34
357
485
702
33.62
0.9914
0.9914
Moraine
34.82 33.52 32.88 239 339
432
33.53
0.9942
0.9942
Newport
34.04 35.92 34.89 29 40
45
33.89
0.9836
 0.9836
Shields
33.64 35.08 33.34 153 194
262
33.62
0.9914
 0.9914
Vernon
34.23 34.50 32.40 486 650
875
33.40
0.9980
 0.9980
Warren
34.62 34.95 34.80 320 421
616
34.24
0.9733
0.9924
Wauconda
34.42 34.81 35.08 107 147
208
33.98
0.9808
 
Waukegan
33.81 38.15 42.28 196 298
340
35.93
0.9276
0.9925
West Deerfield
33.98
34.13
31.70
280 339 450 33.04 1.0089
 1.0089
Zion
32.81
37.92
40.82
93
91
123 35.49 0.9390
0.9390 


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, 2014. In analyzing the sales from the three previous years (2011, 2012, 2013) 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