Property taxes in Cook County are calculated using a somewhat complex and confusing formula.  Below is a simplified example:

Estimated Market Value (per Cook County)100,000
County Assessment Level (Residential)x   10%
Assessed Valuation10,000
State Equalization Factor (changing yearly)x  2.7253
Equalized Valuation (EAV)27,253
Homeowner's Exemption-6,000
EAV After Exemptions21,253
Tax Rate (Total) (Changes Yearly)x    .09
Total Taxes Payable$1,912.77

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Calculating Property Taxes (Cook County)