In Illinois, what value results when the Department’s state equalization factor is applied to locally assessed value before homestead exemptions are considered?
Correct Answer
B) The assessed value multiplied by the state equalization factor, before any homestead exemptions are subtracted.
Under 35 ILCS 200/17-5, the Illinois Department of Revenue issues an equalization factor (also called the multiplier) for each county to bring assessed values to a uniform percentage of fair market value statewide. EAV is the assessed value after that factor is applied. Homestead exemptions (such as the General Homestead Exemption under 35 ILCS 200/15-175) are subtracted from EAV in a subsequent step to arrive at the taxable value, so EAV itself is the pre-exemption figure.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The chain of title is the sequential history of all transfers of ownership for a specific property, from the original source (typically a government patent or grant) to the present owner. An unbroken chain is essential for marketable title.
The closing process, also called settlement, is the final step in a real estate transaction where documents are signed, funds are disbursed, and title is officially transferred from the seller to the buyer.
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- → 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?
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- → Arkansas uses which type of recording system to determine priority among competing claims to real property?
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