The real question should be what is your first elimination criteria, proximity to work, age of home, and distance from Chicago. I would suggest tax rate per thousand should be a secondary concern. In your price range remote suburban homes homes and there are great bargains out there owned by the banks after foreclosure called REO's. I would advise against short sales and suggest bank owned REO's. After you find a town you like. look for bank owned homes. Condo Associations are tough to get a mortgage and many of the homes in the 100-150k range are in remote suburban towns and a good number are short sales that are iffy at best to close.
Earlier I mentioned the two cheapest areas for taxes, now for the highest rates- Round Lake and Vernon Hills. I do not understand why other agents are coy about saying what towns are better tax values towns than others. I am not steering, just answering the question directly and not doing as many have, self promotion, work with me pitch. Venetian Village in 60046 is pretty good value too on taxes too.
unincorporated Gurnee, and Wildwood have the best tax rates per thousand out there! $150k goes pretty far in grandwood Park Gurnee or Idlewood/Wildwood area. Call or text me and i can set you up with a custom MLS search engine web page.
You've very smart to be considering property taxes right away in your home search. It has so much more of an effect on your monthly payment than people realize. I've lived and worked here in Lake County for quite some time and I am very familiar with which towns have a higher tax rate. Please feel free to call or email me anytime! I'd love to help you in your home search!
- Jackie Cerney
I had a situation earlier this year where a realtor called me to see if there was anything I could do to help her client. They came to her originally with a pre-approval letter from Citimortgage. When I went through the numbers for the house he was in contract to buy, there was no way he could qualify for the loan with the taxes that were on the house. All I can assume is that the loan officer pre-qualified him with a much lower tax amount.
You do not want to look at the current taxes on homes you like. Those may be based on high (or low) assessed values. While you will need to qualify for your loan payment based on current taxes, the Seller will give you a credit to pay taxes through the day of closing. After closing you can appeal your assessed value based on the purchase price so your future taxes may be much different.
You or your agent want to look at the tax rate on any given property. You could start by checking some of the school district rates in areas you like. I'd be glad to assist you with that. If I can be of help, please contact me. Good luck!
It would be great if you could send me more info on the areas you would like to see, size of the home, kids in school? All of these will impact yr tax info.
I'm sure you already know Lake County has one of the highest property taxes in the counrty.
But do not despair! Look at the positive and let's get started.
The other problem you face as a buyer is looking at the tax amount shown in the listing. The taxes could be based on a very high or low assessed value. In Lake County you can usually have your assessed value adjusted to the price you paid for the home if it was an "arms-lenght" transaction. You need to find the tax rate for the home and figure what your taxes will be after you buy.
I serve as an alternate on the Lake County Tax Board of Review and I work with these issues every day. I manage the Gurnee RE/MAX office and I'd be glad to show you how to gather and compare the information you're looking for. Good Luck in your home search.
I suggest that focusing on tax rates is probably not the best thing to focus on initially in your home search. I would suggest that location, character of community, and how much house you get for the money. If you find a great house at a great price, that is where you want to live but the taxes are high--might that end up being a better choice. Similarly, if you find a home with low taxes where you dont want to live--what is the point of that. In general, the tax rates dont very so much that you ought to exclude communities based on the taxes--good values can be found in all communities. I suggest that you focus on communties that have homes in your overall price range--and find the overall best value--taxes will certainly be part of the equation, but I think it is probably a mistake to make that a disqualifier at the start.
A good realtor will be able to help you find a great value. You are welcome to contact me if you would like some help!