Cook County assesses Class 2 residential property at 10% of market value and Class 5 commercial property at 25% of market value. How does this compare to the assessment approach used in the rest of Illinois?
Correct Answer
B) Cook County uses a classification system with different assessment percentages for different property types, while counties outside Cook County assess all property at a uniform 33⅓% of fair cash value.
Cook County operates under a classification ordinance authorized by the Illinois Constitution (Art. IX, Sec. 4(b)) that assigns different assessment levels to different classes of property—for example, Class 2 residential at 10% and Class 5 commercial/industrial at 25% of market value. By contrast, counties outside Cook County are required under 35 ILCS 200/9-145 to assess all non-farm property at a uniform 33⅓% of fair cash value. These are two fundamentally different assessment frameworks.
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Related Topics & Key Terms
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Related Concepts
Recording is the act of placing a document in the public records at the county recorder's office to give constructive notice to the world of an interest in real property. Recording protects the holder's interest against subsequent claims.
A special warranty deed guarantees that the grantor has not caused any title defects during their period of ownership, but does not warrant against defects that existed before the grantor acquired the property.
Title insurance is a policy that protects the insured party against financial loss from defects in title that were not discovered during the title search. Unlike other insurance, it covers past events rather than future risks.
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- → In Oklahoma, real estate documents such as deeds are recorded with which office?
- → Under Arkansas law, what is the realty transfer tax rate charged when real property is conveyed?
- → In Arkansas, with which office are real estate deeds and other property documents officially recorded?
- → Arkansas uses which type of recording system to determine priority among competing claims to real property?
- → Which type of deed provides a buyer with the greatest protection against title defects, including those arising before the grantor's period of ownership?
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