Board of Review Commissioner George Cardenas says that Cook County taxpayers can find solace in the recent announcement from the Illinois Department of Revenue regarding the final 2023 property tax equalization factor of 3.0163. This critical multiplier ensures fairness in property assessments across Illinois, reinforcing the stability and integrity of our property tax system. The equalization factor, mandated annually by state law, is a key instrument in maintaining uniformity in property assessments. It represents a meticulous comparison between actual property sales and the assessed values determined by county assessors. The 2023 figure reflects a three-year assessment period, aligning Cook County’s average assessment level to the state-required 33 1/3 percent. Cook County’s property assessments follow specific guidelines: homes, condominiums, and small apartment buildings are assessed at 10 percent of their market value, similar to vacant lots and larger residential properties. Not-for-profit entities and commercial and industrial properties are assessed at 25 percent, while incentives are in place to assess commercial or industrial development in economically struggling areas at a mere 10 percent.