An Illinois property has an assessed value of $60,000 and the county's state equalization factor is 1.10. A homestead exemption of $6,000 applies. Which of the following correctly describes the equalized assessed value (EAV) in this scenario?
Correct Answer
B) The EAV is $66,000, calculated by multiplying the assessed value by the equalization factor; the homestead exemption is then subtracted from the EAV to determine the taxable value.
Under Illinois property tax procedure, the equalized assessed value (EAV) is calculated by multiplying the assessed value by the state equalization factor: $60,000 × 1.10 = $66,000. The EAV represents this post-equalization figure. Qualifying exemptions such as the homestead exemption are subtracted from the EAV in a subsequent step to arrive at the net taxable value used to calculate the tax bill. The order of operations — equalize first, then subtract exemptions — is a tested concept in Illinois licensing exams.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Constructive notice is the legal presumption that a person has knowledge of information that is available through public records or visible inspection of the property, regardless of whether they actually knew about it.
A deed is a written legal document that conveys (transfers) ownership of real property from one party to another. It must be delivered to and accepted by the grantee to be effective.
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.
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