A residential property located in McLean County, Illinois has a market value of $405,000. Under the Illinois Property Tax Code, what is the assessed value of this property?
Correct Answer
A) 135,000
Under 35 ILCS 200/9-145, residential property outside Cook County is assessed at one-third (33⅓%) of its fair market value. Applying that statutory ratio: $405,000 ÷ 3 = $135,000. Cook County operates under a different classification system, but McLean County follows the standard statewide one-third rule.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
More Transfer Of Title Questions
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- → 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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