Property Ownership
In Illinois, real property taxes are assessed by:
AIDFPR annually based on sales prices
BCounty assessors (or township assessors) who determine the assessed value of properties✓ Correct
CThe Illinois Department of Revenue exclusively
DA private appraisal firm hired by the state
Explanation
In Illinois, property taxes are assessed at the local level by county or township assessors who determine the assessed value of properties. The assessed value is then subject to equalization by the county board of review and the Illinois Department of Revenue to ensure uniformity across jurisdictions.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
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