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Nicole, Both Buyer and Seller in Illinois

How are cook county property taxes calculated?

Asked by Nicole, Illinois Fri Aug 27, 2010

I am under contract for a short sale home with property taxes slightly over $4,000. Will it stay that way? I looked online and the home is being reviewed for "possible improvement." I am wondering what improvements they are talking about. The home as built about 4 years ago. Will the taxes be based on the selling price or stay the same from when it was first purchased?

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The property taxes on a property in Cook county rarely stay the same. They may only go up or down a slight amount but in my experience tend to adjust annually. Cook county uses a triennial reassessment system meaning properties are reassessed every 3 years. They also divide the county into areas so that while every area is reassessed every 3 years, not all areas of the county are on the same schedule. Check http://www.cookcountyassessor.com for more info and really if you are a property owner you should read this entire site to see what, if any, exemptions or other property tax variations you might qualify for. I also recommend in most cases annual appeal of your property tax bill. A good property tax attorney is in order here and will often work on little or no retainer and for a fixed percentage of the total savings in the first year the savings occur. In my condo building we recently got our property taxes reduced approximately 10% across the entire building from the 2008 assessment. Best of luck!
1 vote Thank Flag Link Fri Aug 27, 2010
The formula used by cook county is pasted below. Here the prop value is estimated to be 100K and the example uses 2007 state equalizer which should be replaced with applicable year equalizer info available in tax page of your respective property. Similarly tax rate info can be had for your prop by calling cook county.

$100,000 Estimated Market Value
X .10 Assessment Level (10%)
$10,000 Proposed Assessed Valuation
X2.8439 2007 State Equalizer
$28,439 Equalized Assessed Value
- 5,500 Homeowner Exemption
$22,939 Adjusted Equalized Value
X.10 Sample Tax Rate (your tax rate could vary)
$2,293 Estimated Tax Bill in Dollars
0 votes Thank Flag Link Tue Jun 12, 2012
Taxes are calculated based on an assessed value - not based on a purchase price.
You can appeal the taxes as a homeowner.

Check these out for more information:

http://cookcountyassessor.com/propertyvaluation.aspx

http://cookcountyassessor.com/appeals.aspx
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Tue Nov 2, 2010
most likely nicole they will be looking at the 'contract' price you and the seller agreed to as well as the general condition of the property itself. believe it or not, they actually drive up to each property, shoot a picture, walk around the public perimeter and then make their determination; along of course with recent sales information and any permits/construction that is posted or relevant.

i have many clients and fellow realtors who purposely leave their exteriors, paint, landscaping, etc. looking unkept or overgrown for this very reason and you know what? their tax bills are always less expensive. this is of course a lot harder to do when you are in a condo complex.

of course the annual appeal by a qualified property tax attorney (See Joanne Elliott) is also something you need to do as well.
0 votes Thank Flag Link Sat Aug 28, 2010
No one knows. It is some secret formula that is kept under lock and key. Really I am not kidding you, people have asked this question for many years and never received a good answer. Buyers and sellers try and figure it out and never do. One would think that homes closer to trans or shopping areas or even the lake would be the highest and they are, but there is no formula that is laid out for you and I to see.
0 votes Thank Flag Link Fri Aug 27, 2010
Hey Nicole,

Check this out... http://www.cookcountyassessor.com/understandingyourassessment.aspx

From here you will also be able to appeal any tax discrepancies.

Good luck!
0 votes Thank Flag Link Fri Aug 27, 2010
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