A homeowner in Cook County, Illinois qualifies for the General Homestead Exemption. Their property has an assessed value of $80,000. What is their taxable assessed value?
Correct Answer
B) $70,000
In Cook County, the General Homestead Exemption reduces a property's equalized assessed value by $10,000 (35 ILCS 200/15-175). Subtracting the exemption from the assessed value yields $80,000 − $10,000 = $70,000 taxable assessed value.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A deed is a written legal document that conveys (transfers) ownership of real property from one party to another. It must be delivered to and accepted by the grantee to be effective.
For a deed to be valid, it must contain several essential elements including a competent grantor, identifiable grantee, consideration, legal description, granting clause, signature of the grantor, and delivery and acceptance.
Escrow is an arrangement in which a neutral third party holds documents, funds, or other items on behalf of the buyer and seller until all conditions of the transaction are met.
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- → In Oklahoma, real estate documents such as deeds are recorded with which office?
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- → 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?
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