In Illinois, which of the following correctly describes equalized assessed value (EAV) and its role in the property tax calculation?
Correct Answer
B) EAV is the assessed value multiplied by the state equalization factor, and homestead exemptions are then subtracted from EAV to arrive at the taxable value.
In Illinois, EAV equals the local assessor's assessed value multiplied by the state equalization factor (multiplier) issued by the Illinois Department of Revenue. Homestead and other exemptions are then subtracted from EAV to produce the taxable value to which the tax rate is applied.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
More Transfer Of Title Questions
Which type of deed provides the grantee with the greatest protection against title defects from any point in the property's history?
Oklahoma uses which type of recording system?
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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?
- → In Arkansas, with which office are real estate deeds and other property documents officially recorded?
- → Arkansas uses which type of recording system to determine priority among competing claims to real property?
- → Which type of deed provides a buyer with the greatest protection against title defects, including those arising before the grantor's period of ownership?
- → A special warranty deed guarantees that the grantor will defend the title against claims arising from which of the following?
- → An abstract of title is best described as which of the following?
- → Delaware's realty transfer tax, which can total up to 4% of the purchase price, is considered:
- → Which of the following best describes the legal concept of escheat?
- → Title insurance primarily protects the policyholder against which of the following?
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