At what percentage of fair cash value is real property generally assessed outside of Cook County in Illinois?
Correct Answer
C) 33⅓%, as established under the Illinois Property Tax Code for counties outside Cook
The Illinois Property Tax Code establishes a general assessment level of 33⅓% of fair cash value for real property in counties outside Cook County. Cook County uses a classification system with different percentages depending on property use, but the one-third standard applies throughout the rest of the state.
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Related Concepts
A title search is an examination of public records to determine the history of ownership, liens, encumbrances, and other interests affecting a property. It verifies that the seller has the legal right to transfer the property.
A transfer tax is a tax imposed by state, county, or local government on the transfer of real property from one owner to another. It is typically based on the sale price or a flat rate per dollar of consideration.
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.
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