A homeowner in Illinois has a property with an assessed value of $120,000. They qualify for the general homestead exemption of $10,000. If the equalization factor is 1.0000 and the tax rate is 2.5%, what is their property tax bill?
Correct Answer
B) $2,750
Assessed value ($120,000) minus homestead exemption ($10,000) equals $110,000. Multiplied by tax rate (2.5%) equals $2,750.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A bargain and sale deed implies that the grantor holds title and possession of the property but does not include warranties against encumbrances or title defects.
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