Township Equalization Factor

Lake Villa 2022 Equalization Factor

The 2022 equalization factor for Lake Villa Township is 1.0765 or +7.65%. This factor is applied to all non-farm parcels in the Township. It does not mean your taxes are going up by 7.65%. The factor is used to adjust assessments to 33-1/3% of market value the state mandated level of assessment.

The Illinois Department of Revenue completes a three years sales ratio study for the sales occurring in 2019, 2020 and 2021. The yearly assessment to sales ratios are 33.75%, 32.18% and 27.04% respectively. The 3 year level of assessment is 30.99% below the state required 33-1/3%. The  equalization factor should not be construed as an “annual real estate market increase” that would be determined by Realtors Association.

The factors and sale ratio statics are published on the Lake County web site. The link is below:

If recent sales in your subdivision and neighborhood indicate that your parcel is overvalued after the application of the 2022 equalization factor, then that is a basis for an appeal.  Additionally, if your property or home is over-assessed compared to other similar properties or homes in your subdivision or neighborhood, this would also be a legitimate basis for an appeal. Yet, property owners are not be able to appeal an assessment value based solely on the 1.0765 equalization factor.

One other thing to remember is that since all assessments in Lake Villa Township will receive the 2022 equalization factor of 1.0765, your share of the property tax burden in Lake Villa Township will remain relatively the same and will not adversely increase your property taxes. Taxes could increase, however, if taxing body spending increase.

The main driver of increase in your real estate taxes is spending by taxing bodies. If the taxing bodies increase spending, then taxes go up. If they decrease spending, taxes go down. Under PTELL limitations the annual cap in spending increases is tied to CPI or 5% whichever is less.  As we all know inflation is running vey high right now.  Consequently for the upcoming tax bill payable in 2023 the PTELL CPI is 5.0%. It is very likely taxes will increase by 5.0% next year.

PTELL Information

There is more discussion of the equalization factor and the difference between assessor’s market value and current market value found on this web site.

What is the Equalization Factor
Assessed vs Current Market Value