Under Cook County's property tax classification system, at what percentage of estimated market value is commercial and industrial property commonly assessed?
Correct Answer
B) 25%
Cook County operates under a classification ordinance authorized by the Illinois Constitution (Art. IX, Sec. 4(b)) and codified in the Cook County Real Property Assessment Classification Ordinance. Under this system, commercial property (Class 5a) and industrial property (Class 5b) are assessed at 25% of estimated market value. This tiered classification system allows Cook County to assess different property types at different percentages, unlike the rest of Illinois where a uniform 33⅓% level applies statewide.
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Related Topics & Key Terms
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Related Concepts
Marketable title is title that is free from reasonable doubt as to who the owner is and free from liens, encumbrances, or defects that would cause a reasonable buyer to hesitate before purchasing. It is also known as merchantable title.
Probate is the legal process by which a deceased person's will is validated by the court and their estate is administered, including the transfer of real property to the named beneficiaries or heirs.
A quitclaim deed transfers whatever interest the grantor may have in a property without making any warranties or guarantees about the quality of title. It offers the least protection to the grantee.
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