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?
Correct Answer
C) $95,000
Option B is correct. Cook County assesses commercial property (Class 5) at 25% of estimated market value. $380,000 × 25% = $95,000.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An abstract of title is a condensed history of all recorded documents and proceedings that affect the title to a specific parcel of real property. It is a summary, not a guarantee, of title condition.
Actual notice means a person has direct, personal knowledge of a fact or interest in real property. This can come from being told, seeing something firsthand, or any form of direct awareness.
Adverse possession is a legal doctrine that allows a person to claim ownership of land by occupying it continuously for a statutory period under specific conditions, without the true owner's permission.
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Previous Question
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?
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Under Illinois property tax law, what is equalized assessed value (EAV)?