A homeowner who owes $80,000 on a home valued at $200,000 has $120,000 in equity.

This town of 15.4 square miles, with the average home valued at more than $250,000, is considered perhaps the most elegant suburb of Chicago.

A special process would be created for homes valued above $1 million.

Kennilworth, with 92 families, is a neighborhood of larger homes valued at $1 million and more, many on the water.

Together, they sold homes valued at $3 million last year, yielding revenue of about $75,000.

Thirty percent of American families live in homes valued at $300,000, yet only earn an annual income of $60,000.

Two years ago, county planners quietly began approaching virtually any executive with a local home valued at $1 million or more.

The standard $500 deductible remains unchanged for homes valued at less than $100,000.

The owner of a single-family home valued at $413,000 would pay $53 less in taxes, according to Council estimates.

So a home valued at $100,000 will have an assessed value of $5,000 based on a 5 percent assessment ratio.