A Cook County home has a market value of $590,000 and qualifies for the Illinois Senior Citizens Homestead Exemption, which reduces equalized assessed value by $8,000. The applicable tax rate is 6%. A second, adjacent parcel owned by the same taxpayer has a market value of $40,000 and carries no exemptions; it is also subject to the 6% rate. What is the combined estimated annual property tax for both parcels?
Correct Answer
B) $3,300.00
Cook County residential property is assessed at 10% of market value. Parcel 1: $590,000 × 10% = $59,000 EAV − $8,000 exemption = $51,000 taxable EAV × 6% = $3,060.00. Parcel 2: $40,000 × 10% = $4,000 EAV × 6% = $240.00. Combined tax: $3,060 + $240 = $3,300.00. Exemptions apply per qualifying property and cannot be transferred to the adjacent parcel.
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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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