The tentative 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.