Property Valuation
In Illinois property tax assessment, the phrase '33.3% of fair market value' (one-third) refers to:
AThe maximum tax rate allowed on Illinois residential property
BThe statutory level of assessment at which Illinois properties should be assessed for tax purposes✓ Correct
CThe discount given to owner-occupants
DThe portion of assessed value exempt from taxation
Explanation
Illinois law requires that all real property be assessed at 33.3% (one-third) of fair market value for property tax purposes. The state equalization factor (multiplier) is applied to bring local assessments to this statewide standard level. After applying the equalization factor, the equalized assessed value (EAV) should approximate 33.3% of fair market value, ensuring consistent taxation across all counties.
Related Illinois Property Valuation Questions
- An appraiser uses the income approach and determines a net operating income of $75,000 with a cap rate of 6%. What is the estimated value?
- If a comparable property sold for $310,000 and had an extra full bathroom that the subject property lacks, the appraiser would make what kind of adjustment?
- Which of the following properties would typically NOT use the income capitalization approach as the primary appraisal method?
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