In Illinois property taxation, which statement correctly defines equalized assessed value (EAV)?
Correct Answer
B) EAV is the assessed value after the state equalization factor has been applied, before any qualifying homestead exemptions are subtracted.
Under the Illinois Property Tax Code (35 ILCS 200/17-30), equalized assessed value is calculated by multiplying the locally assessed value by the state equalization factor (also called the multiplier) issued by the Illinois Department of Revenue. This produces the EAV, which serves as the tax base. Homestead exemptions — such as the General Homestead Exemption or Senior Citizens Homestead Exemption — are subtracted from the EAV afterward to arrive at the net taxable value.
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Related Topics & Key Terms
Key Terms:
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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