Home Buying in Chicago>Question Details

Enza, Home Buyer in Chicago, IL

Buying a condo that has a senior freeze on the taxes how do I figure out what the taxes will be

Asked by Enza, Chicago, IL Tue Apr 3, 2012

And how much do I need at closing ?
Thanks

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7
Matt Laricy’s answer
Thats a tough call. I would look at what other condos are paying and base it off of that. There will be other units in the building that show what they are paying now.
0 votes Thank Flag Link Tue Apr 3, 2012
Dear Enza, One has to explain this to the county office .--nina
0 votes Thank Flag Link Tue Apr 3, 2012
If you are talking about Chicago in the long run you should assume your taxes are going to be about 1.6% of your purchase price. If they are less than that it's only a matter of time before they get raised. If it's more than that you can appeal them, though there is no guarantee that you will be successful in that.
Web Reference: http://LucidRealty.com
0 votes Thank Flag Link Tue Apr 3, 2012
Contact the county assessor to see how much your property taxes will be. Once you have that number give it to your real estate agent and they should be able to give you an idea of how much you will need at closing.
0 votes Thank Flag Link Tue Apr 3, 2012
Enza,

The banks usually calculate the tax escrow based on the last tax bill, which will reflect the senior freeze. You will not know what the new tax bill will be until you get it. On the upside, you won't have to keep as much in escrow.

Best,
Ivan
0 votes Thank Flag Link Tue Apr 3, 2012
As mentioned, contact the assessor directly, and they will be able to provide you with an accurate adjusted figure.
0 votes Thank Flag Link Tue Apr 3, 2012
Cook County taxes are frustratingly confusing and inconsistant. I bet no one can give you the answer. You might try contacting them directly....http://www.cookcountyassessor.com/
0 votes Thank Flag Link Tue Apr 3, 2012
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