Under Illinois property tax law, what is equalized assessed value (EAV)?
Correct Answer
A) The assessed value after application of the state equalization factor, before subtracting qualifying homestead exemptions.
Under Illinois law, EAV is calculated by multiplying the local assessed value by the state equalization factor (also called the multiplier). This produces the EAV. Homestead exemptions — such as the General Homestead Exemption — are subtracted from the EAV in a subsequent step to arrive at the final taxable value. EAV and taxable value are therefore distinct figures in the Illinois tax calculation sequence.
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