A homeowner sees both EAV and a lower taxable value after exemptions on an Illinois tax calculation. Which description correctly identifies the EAV figure?
Correct Answer
D) The assessed value after the state equalization factor has been applied, before subtracting qualifying homestead exemptions
Under Illinois law, EAV is calculated by multiplying the local assessed value by the state equalization factor (multiplier) set by the Illinois Department of Revenue. This equalization factor adjusts assessed values across counties to achieve a uniform one-third of fair market value statewide. Homestead exemptions — such as the General Homestead Exemption or Senior Citizen Exemption — are subtracted from the EAV in a subsequent step to arrive at the taxable value, so they are not part of the EAV itself.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
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