What is an Assessed Value. An assessed value is the dollar value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration.
What are equalized assessed values?
The Equalized Assessed Value (EAV) of your property is the product of the assessed value of your property (both land and improvements) and the State Equalization Factor, which is set by the Illinois Department of Revenue.
What is the difference of assessed value?
The main difference between the appraised and assessed value of a home is the purpose each is used for. The assessed value is used solely for local tax purposes, while the appraised value is used during the buying or refinancing of a home.
Does renovation increase the value of the property?
That’s because renovations can significantly raise a home’s value, which can increase the amount for which it is assessed. Assessed value is used to determine your property tax. The improvements that would trigger a property’s reassessment vary by location.