Which of the following statements about Illinois property tax assessments, exemptions, and appeals is NOT correct under current Illinois law?
Correct Answer
D) A property owner who disagrees with an assessment may not file an appeal directly; under Illinois law, only the owner's mortgage lender has standing to contest an assessment before a board of review.
Option B is incorrect because Illinois law grants property owners—not their lenders—the right to appeal an assessment. Under 35 ILCS 200/16-55 et seq., any taxpayer (i.e., the property owner) may file a complaint with the county board of review to contest an assessment. Lenders have no exclusive or preferential standing to bring such appeals on the owner's behalf.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A general warranty deed provides the greatest protection to the grantee by guaranteeing that the grantor holds clear title and has the right to sell the property. It includes covenants that protect against all defects in title, even those arising before the grantor owned the property.
Intestate succession is the legal process by which a deceased person's property is distributed according to state law when they die without a valid will. State statutes determine the order of inheritance.
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?
Title insurance primarily protects against which of the following?
Which best describes a quitclaim deed?
What is Oklahoma's documentary stamp tax rate on real estate transfers?
- → 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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