For those paying property taxes in Illinois, or for those even trying to understand them, the stickiest of wickets is equalization. This factor is unique to Illinois and adds another wrinkle to the state’s already complex and high-dollar property tax situation. With some of the highest property taxes in the United States, it is important that every taxpayer across Illinois understands how this policy affects valuations. Calculated using the equalization factor, this strange multiplier is the bane of property owners and accountants everywhere. In this article, we will try to define what exactly the equalization factor is, and why it exists in the first place. In later articles, we will also explore how this is used to calculate taxes and property values. Assessment Ratio Before equalization can be discussed, we must understand the assessment ratio. The assessment ratio is the percentage of a property that is taxed every year. With... Read More

Illinois property taxes are more than double that of the United States, and rank behind only New Jersey for the No. 1 spot. This is exaggerated even more when it comes to Cook County. In many ways, Cook County is Illinois turned up to 11, with high property taxes, layered government competing for every dollar, and a brutal reassessment cycle. Cook County also has to deal with the strangest quirk in the Illinois tax code, the equalization factor. Equalization is an important metric for any taxpayer in Illinois, as it brings property across various counties and townships into a more uniform taxbase. Equalization has a great impact in Cook County, where it can change every tax bill immensely. In this article, we will see how the equalization factor works in Cook County and how it can influence the cost of taxable property. Equalization Factor in Brief We already discussed this... Read More

Illinois has a complex tax system when it comes to real property and real estate. Broken up over individual townships, taxes can vary quite widely from one town to another. Only New Jersey has higher property taxes on average, and navigating this complex web of rules and organizations can be hard for new residents and natives alike. Cook County may make headlines for outlandish spikes in property values and taxes, but the rest of Illinois is not immune to these extreme costs. All property in Illinois, outside of Cook County, is assessed every four years. This assessed value then acts as the basis for taxes levied until the next cycle, making it imperative to get it right. In this article, we will break down the basics of Illinois, highlighting some of the issues that need to be addressed. This will focus on everything outside of Chicago and Cook County. We... Read More

Cook County has become the center of interest across the country for those that are interested in property taxes. Cook County boasts some of the highest property taxes in the country, while also being beholden to a series of arcane rules that are difficult to come to grasp with. From the confusing equalization factor to blatantly unfair valuations that target working-class property owners to unburden others, Cook County and Illinois as a whole are interesting case studies on the demands that a government can put on a populace. A key aspect of this saga is reevaluations of property. Done every three years in Cook County, reevaluations change the base value of all real property in a set area. Recent history has shown that every reevaluation so far has resulted in more taxes being passed on to property owners. Alarmingly, property taxes and values can be raised outside of the cycle,... Read More

Federal Tax Day may have just been a week ago, but the people of Illinois living outside of Cook County, are about to get a fresh batch of taxes delivered to their door. It is about to be property tax season again, and taxpayers do not want to be caught unawares when deadlines hit. You are already paying taxes; the last thing you want to do is add a bunch of fees on top of it. Let’s do a quick overview of what to expect and when you need to get all your ducks in a row. Also, we will go over what can be done in the future to lower your taxes. Illinois Deadlines While Cook County makes its own rules, the rest of Illinois has a strict timetable that must be followed in order to property. Property tax bill will be mailed out twice this year, with each... Read More