Dolton IL Property Tax Calculation (Cook County)

[Maya Kherani]

Hi BP!

My husband and I are looking into offering on our first (!) deal in Dolton, IL. It has a decent cashflow and was recently flipped, and the numbers work out well. However, we can't make heads or tails of the property tax rates on the Cook County Assessor's website.

According to the assessor's office, the market value is $94,020. The website also has instructions on how to estimate taxes, based on the market value. So here's what we calculated:

$94,020	Estimated Market Value
X.10	Assessment Level (10%)
$9,402	Proposed Assessed Valuation
X 2.6685	State Equalizer (as of May 2017)
$25,089	Equalized Assessed Value
-7,000	Homeowner Exemption
$18,089	Adjusted Equalized Assessed Value
X.227	2016 Tax Rate according to Cook County Property Tax Portal for zip code 60419
$4106.26	Estimated Tax Bill in dollars

The amount paid in 2016 was $3,887.97.

Our questions:

1. Did we calculate this right?

2. Do we get to claim the $7,000 Homeowner Exemption if we're living in California (so obviously, it's not our primary residence)?

Thanks in advance!