PRESS RELEASE
FOR IMMEDIATE RELEASE
April 11, 2011

Contact: Willard R. Helander
                (847) 377-2308

 Department of Revenue Issues Lake County State Multiplier

WAUKEGAN, Illinois - On April 11, The Illinois Department of Revenue certified to Lake County a state equalization factor, or "state multiplier," of 1.99%. This is the first time in over 15 years that Lake County received a non-zero multiplier. The Department of Revenue issues a state multiplier when it determines, after Lake County Board of Review decisions have been implemented, that the average assessed value in the county is less than 99% or more than 101% of 1/3 fair market value.

This factor will raise the assessed value of nearly all properties in Lake County by 1.99%. Two kinds of properties in Lake County are not affected by the multiplier: farmland (not including farm residences, which are affected), and state-assessed properties (railroad and pollution-control facilities). After the multiplier is applied to the assessed value of a property, that property's exemptions are deducted to determine the final billing value.

Because this factor is applied to almost all properties in the county equally, in general it should have minimal impact on tax bills. The biggest effect will be in districts that overlap into neighboring counties. Because the multiplier is applied only to Lake County properties, it will mean those properties will bear a slightly larger portion of the district's tax burden.

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