Calculating Property taxes (Cook County)

Property taxes in Cook County are calculated using a somewhat complex and confusing formula:

Estimated Market Value (per Cook County)  $100,000 


County Assessment Level (Residential)        x     10%


Assessed Valuation                                          10,000


State Equalization Factor (changing yearly)  x  2.9627


Equalized Valuation (EAV)                               29,627


Homeowner's Exemption                               - 10,000


EAV After Exemptions                                      19,627


Tax Rate (Total) (Changes Yearly)                 x   9.35%


Total Taxes Payable                                  $ 1,835.12

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