At a training session in Skokie, Devon Bennett reviews a commercial property in Cook County that has a market value of $640,000.00. Using the Cook County assessment level for that class, what is the assessed value? Which answer is correct?
Correct Answer
D) $160,000.00
Cook County commonly assesses qualifying residential property at 10% of market value and commercial property at 25%. Here that gives $160,000.00.
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A commercial property in Cook County has an estimated market value of $380,000. Using the applicable Cook County assessment level for commercial property, what is the assessed value?