Home Buying in Gurnee>Question Details

Jenny26, Home Buyer in Gurnee, IL

I just got approved to buy a house!! Yay!!! We need to know the average property tax rates for cities in Lake County so we know where to look first.

Asked by Jenny26, Gurnee, IL Thu Jun 9, 2011

We want to get a nice house no more than $150,000. We have looked at a few online, but we need to know where the lowest tax rates are so we can look there first. We don't want to pay a lot in property taxes. We are just looking for a list of cities in Lake County that have the lowest average property taxes.

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13
Jenny
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.
2 votes Thank Flag Link Thu Jun 9, 2011
Hi Jenny
Congrats!
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.

John Walin
847 276-0120
john.walin@cbexchange.com
2 votes Thank Flag Link Thu Jun 9, 2011
Jenny
Have you narrowed your search and did you begin working with an agent?
1 vote Thank Flag Link Wed Jun 29, 2011
Hi Jenny!

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
847-927-0622
JackieCerney@gmail.com
1 vote Thank Flag Link Thu Jun 9, 2011
If you say you are approved for a loan, you really need to speak to your loan officer to see what they used for taxes, and make sure that you are in that range. Also, ask them if you have any lee-way in case the taxes are higher. This is a good idea to do for insurance as well.
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.
1 vote Thank Flag Link Thu Jun 9, 2011
Congratulations! Your request for cities with low tax rates does not have an easy answer. As an alternate member of the Lake County Board of Review I have learned a great deal about taxes. The biggest part of a tax bill is the school districts, probably 2/3rds of your bill. Those district boundries do not correspond to city limits. The second biggest differentiator is park districts. Cities are a small factor in the tax bill. Unincorporated areas are a little bit lower as they do not have a city tax.

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!
1 vote Thank Flag Link Thu Jun 9, 2011
Congrats!!!Very exciting! I would love to help.
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.
Coleen
1 vote Thank Flag Link Thu Jun 9, 2011
Jenny
Have you narrowed your search and did you begin working with an agent?
0 votes Thank Flag Link Tue Dec 6, 2011
Congratulations. It's a GREAT time to buy. With regard to taxes, the village is a very small portion of your tax bill. The County, Forest Preserve District and Township all get a small portion and those amounts can vary but they don't usually cause big variances. The biggest difference in tax rate comes from the school districts the home is in. The second biggest factor is park and library districts. Schools account for about 2/3 of your tax bill and their rates vary widely. In Lake County you can expect to pay as little as 2% or as much as 3.5% of the value of your home for taxes.
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.
0 votes Thank Flag Link Sat Oct 22, 2011
There are no low property taxes in Lake County.
0 votes Thank Flag Link Sat Oct 22, 2011
Hi Jenny,

Congrats! If you're not already working with an agent, I'd love to help you find a home! Feel free to give me a call or send me an email anytime!

- Jackie Cerney
847-927-0622
Jackie.Cerney@ziprealty.com
0 votes Thank Flag Link Tue Jun 28, 2011
Hi Jenny,

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!
0 votes Thank Flag Link Thu Jun 9, 2011
We are also not opposed to Kenosha/Pleasant Prairie area. We want to stay away from Vernon Hills and Grayslake. No children. Looking for a three bedroom, two bath, something we can grow in. We are young (26) but will most likely want a family in the next 4-5 years.
0 votes Thank Flag Link Thu Jun 9, 2011
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