A real estate student assumes that Cook County residential property is assessed at one-third of market value, the same as the rest of Illinois. Which of the following correctly evaluates that assumption?
Correct Answer
D) The assumption is incorrect because Cook County uses a classification system that assigns different assessment levels to different classes of property, rather than applying the one-third standard uniformly.
Under 35 ILCS 200/9-150 through 9-155, Cook County is authorized to use a property classification system. Residential property (Class 2) is assessed at 10 percent of market value, while other classes — such as commercial and industrial — carry higher assessment levels. This classification-based structure is unique to Cook County and stands in contrast to the general statewide rule under 35 ILCS 200/9-145, which requires all other Illinois counties to assess property at 33⅓ percent of fair market value.
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Related Topics & Key Terms
Key Terms:
Related Concepts
For a deed to be valid, it must contain several essential elements including a competent grantor, identifiable grantee, consideration, legal description, granting clause, signature of the grantor, and delivery and acceptance.
Escrow is an arrangement in which a neutral third party holds documents, funds, or other items on behalf of the buyer and seller until all conditions of the transaction are met.
A general warranty deed provides the greatest protection to the grantee by guaranteeing that the grantor holds clear title and has the right to sell the property. It includes covenants that protect against all defects in title, even those arising before the grantor owned the property.
More Transfer Of Title Questions
Which type of deed provides the grantee with the greatest protection against title defects from any point in the property's history?
Oklahoma uses which type of recording system?
Title insurance primarily protects against which of the following?
Which best describes a quitclaim deed?
What is Oklahoma's documentary stamp tax rate on real estate transfers?
- → 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?
- → A special warranty deed guarantees that the grantor will defend the title against claims arising from which of the following?
- → An abstract of title is best described as which of the following?
- → Delaware's realty transfer tax, which can total up to 4% of the purchase price, is considered:
- → Which of the following best describes the legal concept of escheat?
- → Title insurance primarily protects the policyholder against which of the following?
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