Under Illinois law, at what percentage of fair cash value is real property generally assessed in counties outside of Cook County?
Correct Answer
D) 33⅓% of fair cash value
Under 35 ILCS 200/9-145, property in Illinois counties outside Cook County is assessed at 33⅓% (one-third) of fair cash value. Cook County uses a classification system with varying percentages depending on property type, but the uniform one-third standard applies to all other counties.
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Related Topics & Key Terms
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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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