The purpose of this paper is to determine if the valuation of property adheres to the 33 1/3 proportion of market value required by the state of Illinois or if assessors are overvaluing Bloomington real estate disproportionately across high and low income neighborhoods. Assessors have a motivation to over-value high-income properties disproportionately resulting in intentional and systematic bias which alters the property tax system. The results do not support this idea. They show a lower percent variation between assessed and market values in high-income households.
Howard '04, Conor, "Is There Assessor Bias in the Real Estate Market?" (2004). Honors Projects. 26.