Home Buying in Elgin>Question Details

azman2708, Home Buyer in Elgin, IL

Property taxes on buying a short sale in IL.

Asked by azman2708, Elgin, IL Sat Mar 16, 2013

If i buy a home that is listed as a short sale at 220k but the taxes being paid currently are on the actual value of the home 410k then what amount am I going to pay property taxes on?

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Answers

3
Your 2013 tax bill will reflect the 2012 taxes and assessed value. Your 2013 taxes (paid in 2014) may be lower because of the new purchase price. For mortgage purposes they will use the most recent tax bill to calculate your buying power, not any projected savings.

Geoff Ommen
Broker Baird & Warner
847-271-2622
geoff.ommen@bairdwarner.com
http://www.geoffgetsit.com
0 votes Thank Flag Link Mon Mar 18, 2013
Hi azman2708,

I'm not sure how it works in IL, but in CA the sale price usually becomes the new assessed value (amount you pay taxes on) and if for some reason it doesn't, you can 'contest' the assessed value with the county by providing them recent sold comps.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sat Mar 16, 2013
Whatever county the home is located in, you will pay tax on what their valuation of the property is assessed at. For example, if the home is assessed at 410k as your question suggests, then you pay property tax based on that property valuation.
0 votes Thank Flag Link Sat Mar 16, 2013
Hi Bart, I was looking at a property in Elgin, IL and i checked the Kane county website and the home was appraised for 110K. This particular home was built in 2007 and was sold for 410K but is now listed as a short sale at 220k.
If i understand you correctly then if i were to buy this home lets say at 220k then i would be paying taxes on the county appraised value of 110k right?
Thanks for the reply. I live in Texas but i am helping my in laws with a home purchase there.
Flag Sun Mar 17, 2013
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