What is an equalization factor (multiplier)?

A mathematical number (multiplier or factor) is applied to a type of property (residential, commercial, etc); a township; or the county as a whole. They are used by local assessors and the State of Illinois for the purpose of improving assessment equity (equality) and/or reaching the State required assessment level of thirty-three and one-third percentage of market value.

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1. What is an equalization factor (multiplier)?
2. Why does state law require equalization factors?
3. Who does these studies?
4. What information is used for these studies?
5. What years sales will be used for 2016 assessments?
6. What factors influence equalization factors (multipliers)?
7. What happens if township equalization factors (multipliers) are not applied at the county level?
8. Does an equalization factor automatically increase or decrease taxes?
9. Does an increase in equalization factor usually result in an increase in an individual’s tax bill?
10. How do I know if an equalization factor has been applied to my property?
11. Does farm land receive a multiplier based on sales of farm property?
12. If I have additional questions?