Home Buying in Chicago>Question Details

Me, Both Buyer and Seller in Chicago, IL

The prices in south loop are going up. Does that mean the taxes will increase?

Asked by Me, Chicago, IL Tue Apr 29, 2014

I'm ready to buy a condo....I think. I'm scared that taxes and assessments could go up and I won't be able to afford it. Are those legitimate concerns?

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Answers

3
State, County and Municipal budgets are strained in nearly every Chicago area locale. County assessors will (in my opinion) take every advantage they can to generate revenue at reassessment time.
0 votes Thank Flag Link Thu May 8, 2014
It depends on what price point you are comfortable in. Taxes are assessed in arrears so may go up down the line based off your sales price. Assessments are the HOA's decision to increase or not. Prices rising will not affect these.
0 votes Thank Flag Link Wed Apr 30, 2014
Me,

Have you been approved for a mortgage? I think that if you buy a 1 bedroom and don't buy in a building with too many amenities you should be ok. Feel free to call me, I am very familiar with the South Loop.

Juan
0 votes Thank Flag Link Wed Apr 30, 2014
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