Property Ownership

In Illinois, a condominium unit owner's property taxes are assessed:

AOn the entire building's value, then divided equally among all units

BOnly on the interior walls and fixtures of the unit

COn each individual unit separately, with the owner receiving their own tax bill✓ Correct

DBy the condominium association, which pays taxes as a common expense

Explanation

Under the Illinois Condominium Property Act, each condominium unit is assessed and taxed separately as individual real property. Each unit owner receives their own property tax bill from the county assessor based on their unit's assessed value.

People Also Study

Key Terms to Know

Net Operating Income (NOI)

The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.

Chain of Title

The sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.

Joint Tenancy

Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.

Tenancy in Common

Co-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.