Home Buying in Bucktown>Question Details

Dhmosler, Home Buyer in Bucktown, Chicago, IL

What are typical dues for condos? and what is the property tax rate?

Asked by Dhmosler, Bucktown, Chicago, IL Tue Jun 1, 2010

Im from Seattle and unfamiliar with dues and taxes. Would like a 2br 2ba condo for under 300k Bucktown or Lincoln Park vicinities.

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5
But what is the city's tax rate? http://www.cookcountypropertyinfo.com/PropertyTaxSystem/Page…

The assessor assesses a value on the property which you're free to appeal.

Tax Rate History for this areas
The composite tax rate is the sum of all tax rates of the taxing agencies for a given tax code. Taxes owed are calculated by multiplying the composite tax rate by the equalized assessed valuation of a property, creating a total amount billed.

2011 5.455
2010 4.931
2009 4.627
2008 4.816
2007 4.994
2006 5.302
1 vote Thank Flag Link Wed Oct 31, 2012
I actually live in a condo in Bucktown and used to be the managing broker for one of the largest condo developers in town so I am very familiar with your question about dues and taxes.

It really depends on what type of condo you are looking for and the buildings amenities. For example, I live in a four unit building with limited amenities. My $136/month mostly covers the building insurance (covers up to my walls and I then have a personal policy that covers the interior. ) I also have a rental condo in a larger building with a pool and fitness center that costs $500/month.

Please email me at noel@noelhara.com with a good time to talk and I can explain in more detail. My website is http://www.noelhara.com and cell phone 3127256635.

Noel
Web Reference: http://www.noelhara.com
0 votes Thank Flag Link Sun Jun 6, 2010
dues vary depending ion what is included and the cond associations costs for management, services and janitorial. Rita Glass Broker Keller Williams 773 924-4956
0 votes Thank Flag Link Thu Jun 3, 2010
Hi Dhmosier,

You picked a great city to live in! Welcome to Chicago!

Dues can run anywhere from $100+ and taxes are all over the board. A $300K price range is a great place to start. I would recommend on obtaining a pre-approval from a lender to see what you can be approved for first. Sometimes, a $300K condo can cost you about the same as a $500K condo depending on taxes and association dues. Also, keep in mind that parking spaces may have there own taxes and monthly dues.

If you need a hand, I will be happy to help. My contact information is located below.

Good luck with your search!

Cherrie Catama
Newman Realty
773.490.3437 Phone
cherrie@newmanrealtyillinois.com
0 votes Thank Flag Link Wed Jun 2, 2010
Hi Dhmosler,

It depends on the property age, property type( high rise vs. low rise), location, etc. In general, the older the bldg, the higher the assessments and lower taxes. Newer bldgs have lower assessments and higher taxes.

In Lincoln Park:
On Avg for high rises, assessments are $350-$800 per month
On Avg for low rises, assessments are $250-$400 per month
On Avg taxes: $3000 - $4500 per year

In Bucktown (Mostly low rises):
On Avg, assessments are $150-$250 per month
On Avg taxes: $3000 - $4000 per year

If you like to browse all current inventory in Lincoln Park and Bucktown, visit my web site at http://www.ChicagoTopCondos.com with more info. If you have any further questions, please email me at: srezania@koenigstrey.com or call me at 312-493-7983.

Regards,

Shirin Rezania
Koenig & Strey Real Living
0 votes Thank Flag Link Wed Jun 2, 2010
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