A non-Cook County property has a market value of $510,000. The equalized assessed value equals the assessed value. If the tax rate is 8.50%, what is the estimated annual property tax due?
Correct Answer
B) $14,450.00
In Illinois, non-Cook County properties are assessed at one-third (1/3) of market value. $510,000 × 1/3 = $170,000 EAV. Because the problem states that equalized assessed value equals assessed value, no equalization factor is applied. $170,000 × 8.50% = $14,450. This is the correct estimated annual tax.
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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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