Home Buying in Chicago>Question Details

cleapowell, Home Buyer in Chicago, IL

What's the average cost of annual property tax of Lakeview/Andersonville/Rogers Park areas?

Asked by cleapowell, Chicago, IL Tue Feb 19, 2013

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Manuel Brown (312) 600-5710’s answer
Each of those areas have a different tax rate. Of the three areas Lakeview will have the highest property tax and the lakeview tax rate extends into parts of uptown. David Hanna gave you a great example of what affects property taxes.
0 votes Thank Flag Link Tue Feb 19, 2013
As you can see, there is no consolidated database for us to get this from. Value in the market, value as seen by the county, sale date, type of construction (new, existing), type of building (single family, condo, apartment, commercial), Exemptions (none, home owner, long time homeowner, senior) all affect the taxes.
Take a look at some similar properties that are of interest to you and you will have a very rough idea as it pertains to you.
Otherwise, engage an attorney or firm that specializes in property tax matters to get specific information.
0 votes Thank Flag Link Tue Feb 19, 2013
Its all relative to the price, age, size, etc of the property.
0 votes Thank Flag Link Tue Feb 19, 2013
It is hard to compare neighborhoods apples to apples because the tax is based on lots of factors such as which givernmental entities in the various ares need the money/size and type of property. Taxes in RP are less than Lakeview. It is very innaccurate to throw out a %.
0 votes Thank Flag Link Tue Feb 19, 2013
For 2011 the taxes were typically 1.6% of what the county thinks the market value of the property is. Don't count on the assumed market value staying constant. or that %. I expect the % to go up as the county needs to maintain revenue while values get adjusted downward.
Web Reference: http://LucidRealty.com
0 votes Thank Flag Link Tue Feb 19, 2013
Rule of Thumb is 2-3% of value.

As per $$ amount it depends on the size and location of the condo/home.
0 votes Thank Flag Link Tue Feb 19, 2013
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