Property Valuation
The Illinois Department of Revenue's 'equalization factor' (the multiplier) is applied to assessed values in Cook County primarily to:
AReduce property taxes for senior citizens
BEqualize assessed values across counties so that the state education funding formula treats all counties fairly✓ Correct
CEnsure that Cook County property values match Chicago property values
DPenalize municipalities that underassess their properties
Explanation
Illinois applies an equalization factor (the 'state multiplier') to assessed values to bring them to the statutory assessment ratio of 33.33% of market value.
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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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Math Concepts
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