Final 2020 Cook County Multiplier Released
July 2, 2021
The final 2020 multiplier for Cook County taxpayers was released. In 2019, the final multiplier was 2.9160. The Illinois Department of Revenue (IDOR) initially published a tentative 2020 multiplier of 3.0861, a 5.8% increase over 2019. In a surprising move, the final 2020 multiplier just released by the IDOR is 3.2234, which represents 10.5% increase over the prior year. What does this mean for commercial and industrial property taxpayers? Based, for example, on last year's general tax rate for Chicago of 6.890%, for every $1,000 in assessed value in 2019, the tax paid was $200.91. Applying the new multiplier, and assuming the same tax rate (we don't have the 2020 rates yet), for every $1,000 in assessed value for 2020 the tax will jump to $222.09. The tax bill for a Chicago commercial or industrial property assessed at $1,000,000 will increase from $200,912 to $222,092. This is poised to particularly affect properties located in economically depressed communities, where tax rates can range upward of 20%. We can anticipate the collar counties and surrounding states will be doing everything in their power to lure business away from Cook County.