How is the EAV of a property determined?
The Cook County Assessor’s Office determines the EAV of a property by first taking its market value times the County’s assessment ratio, which is currently 10%. This number is referred to as the property’s assessed value.
The County then takes the assessed value and multiplies it by the State Equalization Factor to come up with the EAV, which is the taxable value of the property (minus any homeowner exemptions).
The EAV is then multiplied by the tax rate to determine a property’s tax amount for the year.
||$485,000 (average PR homeowner)
|mutiplied by assessment ratio of 10% =
|multiplied by State Equalizing Factor
|Equalized Assessed Value
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