On an Illinois property-tax worksheet, which value is produced after the state equalization factor is applied but before qualifying homestead exemptions are deducted?
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 assessed value by the state equalization factor (multiplier) issued by the Illinois Department of Revenue. Homestead exemptions are then subtracted from the EAV in a subsequent step to arrive at the net taxable value. The equalization factor ensures assessed values across counties reflect a uniform percentage of fair cash value statewide.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed by state, county, or local government on the transfer of real property from one owner to another. It is typically based on the sale price or a flat rate per dollar of consideration.
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.
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