A Cook County, Illinois homeowner has an equalized assessed value (EAV) of $22,000 on her home. She qualifies for an $8,000 Senior Citizens Homestead Exemption (which reduces EAV). Using a 6% tax rate, what is the estimated annual property tax?
Correct Answer
B) $840.00
Taxable EAV = $22,000 − $8,000 = $14,000. Tax = $14,000 × 6% = $840.
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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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