Home Buying in Skokie>Question Details

John Gonzalez, Home Buyer in Chicago, IL

Why are the taxes so high?

Asked by John Gonzalez, Chicago, IL Fri Feb 14, 2014

Help the community by answering this question:

Answers

4
Paul Cionczyk’s answer
Schools are definitely a big contributor to the cost of taxes. If a specific home has higher taxes than other homes, looking at the homes assessed value and home exemptions is a place to look and see where the numbers are coming in higher. A newer construction home may be looked at differently than an older remodeled home.
0 votes Thank Flag Link Sun Jul 13, 2014
Unfortunately, in Illinois, there are several reasons for high taxes. Our state gives very little of the dollars collected to schools, so the burden is on the property taxes and that is a high burden. Plus, some school districts that have lower assess homes get less tax dollars per home, so they need to increase the rate. Or some communities have very few businesses and very little industry - they are called bedroom communities and the burden is on the homes with no one else contributing. Long and short is everyone pays more. Another reason for high taxes is that some towns in Illinois have Home Rule. Home rule allows the town to basically make the tax rate anything they want - no ceiling - no referendum for a vote. Perhaps the home is over-assessed. The home maybe overassessed due to no reassessment when the property values dropped. Taxes are very specific to the town, if you think you are getting value in that town with services, better schools, etc. Pay the taxes. If you don't, look at other towns with lower taxes.
1 vote Thank Flag Link Fri Feb 14, 2014
Keep in mind there are ways to lower your real estate taxes as well. One way is to work with an attorney whose fee is based on the tax savings only. Three are many attorneys out there who structure there fees this way.
Flag Wed Oct 8, 2014
When inquiring about taxes it is always best to provide a full property address that way someone can assist you with some knowledge about the property.
0 votes Thank Flag Link Sat Feb 15, 2014
The school districts are the biggest portion. Best way to have smaller taxes is to be happy in a smaller home.
Sometimes owners forget to make sure they are getting all the exemptions that they are entitled to.
Just yesterday I met with an owner who has been paying extra for 10 years because she did not know about the homeowners exemption. She is able to collect a 3 year refund.
0 votes Thank Flag Link Fri Feb 14, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer