Illinois Real Estate Practice Exam 2025 - Free Real Estate Practice Questions and Study Guide

To determine the monthly real estate tax on the given property, we first need to calculate the assessed value, the taxable value, and then the tax amount.

1. **Assessed Value**: The property is valued at $325,000, and it is assessed at 33% of its market value. Thus, the assessed value is calculated as follows:

\[

\text{Assessed Value} = \text{Market Value} \times \text{Assessment Ratio} = 325,000 \times 0.33 = 107,250

\]

2. **Equalized Assessed Value**: The equalization factor is used to adjust the assessed value to a standardized level. Thus, the equalized assessed value is:

\[

\text{Equalized Assessed Value} = \text{Assessed Value} \times \text{Equalization Factor} = 107,250 \times 1.1 = 117,975

\]

3. **Tax Calculation**: The tax rate is given in mills (which represent a value of one-tenth of a cent per dollar of assessed value). A tax rate of 40 mills translates to:

\[

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