Home Selling in 60010>Question Details

David, Home Seller in 60010

Taxes in Lake County are outrageous and if you list to sell, asking price is used against you in appealing taxes, so how to list w/o getting screwed?

Asked by David, 60010 Sat Aug 11, 2012

Plus, it seems in Barrington that Ask/Sell ratio is 91%, which is a fair chunk of money. But list at what you'll accept, and you'll never get it, as buyers want to buy below list. Can you even sell a house in this market near a train and highway as this area seems so fussy and these issues kill much interest.

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The more I think about it, the more I tend to agree with myself...
0 votes Thank Flag Link Sun Jan 20, 2013
Assessment value is one thing, the other component is the tax rate per thousand in assessed valuation. You can only have your assessed value go down based upon comparing to other similar homes in the area being taxed lower. The rate is set in stone. I read into your question, what if I successfully fought my property tax bill and now want to sell it for higher than I justified to get the home reassessed for tax purposes. I disagree that a buyer will want the same ask/sell ratio regardless of what the seller starting price is. That argument only justifies overpricing the house to match an average! Makes more sense to price the house at bank appraisal value, seller buy an appraisal for the house he's selling like a buyer would. Appraisal not coming in at contract price is a big problem and no reason to over price the house to have an eventual offer contingent on it appraising out for a mortgage contingency. Start the listing with a close to what a bank appraisal and get the traffic.
0 votes Thank Flag Link Sun Aug 12, 2012
What? I need to pay for a bank appraisal to sell my home? I've never been told that. Realtors should know, since they work daily on selling/buying homes, what the market will bear, and most sold properties should have mortgage appraisals. You misread into my question. I want to list the property before appealing the assessment, which immediately has the assessor police discovering your asking price, and wrongly use this against your appeal, which should by law not be used at all, as this is an asking price on a home that has not sold. The home may never sell, or it may sell for much less than listed, as I have seen happen on beautiful homes that were sold for ridiculously low prices. I don't think the situation has changed much in the last two years. Again, locational negatives can push buyers to the many available properties and away from yours.
Flag Sun Aug 12, 2012
I am not quite sure how to answer your tax question with out more specific information. First please realize that I am not a tax attorney or accountant but I will be glad to give you my opinion.

The tax assessor generally looks at the home compared to the other homes in the area that have sold and adjusts the taxes if necessary based on how your taxes compare to the other homes around you.

As far as selling the home goes, if the home is priced correctly it will sell and it will sell at list price or at least very close to list price. Where we get the big gap between list price and sale price is because the value was not correct in the first place. The market actullay tells us what the home should sell for and if we price the home correctly the market will find it compelling and purchase it.

The marketing of your home and the presentation of your home to the public has a huge impact on getting potential buyers to the door. After that the condition, location and price are what moves them to purchase.
0 votes Thank Flag Link Sun Aug 12, 2012
You have a few questions rolled into one. Every house will sell for a price, even one with a train and a highway nearby. There will be a subset of people who will not consider the house, but that goes for every house. Buyers are always looking for deals, so unless you are giving away a property the Ask/Sell ratio will be less than 100%. Many owners believe their house is worth more than it is, and that is driving the ratio down to the low 90s.. All that said, it comes down to what you are looking to sell the house for. If you want/need $X, but the market will only offer 90% of X, then you should not sell. Talk with a couple agents to see what they think the value is. If they are in your ballpark, then you could investigate selling further. As far as taxes go, remember the taxes are paid in arrears. The second installment of your 2011 tax bill is due in ~3 weeks. Depending on your timing, the impact of your list price on 2012 taxes may be a moot point. If you sell before your next tax bill arrives, you will be paying an estimated tax bill which is based on your current one. Hope this helps.

Geoff Ommen
0 votes Thank Flag Link Sun Aug 12, 2012
Lake County puts more emphasis on closed sales than active listings when they consider appeals. I'm confused. If you are going to sell your home, you can say taxes are being appealed in the listing sheet in the MLS. Should you be terribly concerned about winning the appeal if you are not staying there? It would be a selling point and good for the potential buyer, but not benefitting you directly.
You can price your house slightly above fair market value and still get your price. Where people run into trouble is when they try to get "just a little bit more" than that. A Realtor has access to current information and sales prices in your area, and factors in details like railroad, highway, close to schools, parks, shopping, etc. Your best bet is to contact one of us. I successfullly appealed my own taxes in Lake County last Dec. It can be done.
Lela Theriault, Broker
Baird & Warner - Barrington
0 votes Thank Flag Link Sun Aug 12, 2012
Please note my information below:
Tara Kelleher, Broker
Hunter's Fairway Sotheby's International Realty
0 votes Thank Flag Link Sat Aug 11, 2012
It is best to appeal taxes after you purchase, and the new tax amount should be calculated on that sale number. If you are planning to sell, make certain to review this carefully with your agent. As far as pricing, we agree that it can be tricky. To get specific about your property we would want to know more about the location and the condition, however there will be a sweet spot for selling when you take all of these factors into consideration. We can assure you we are seeing signs of this market changing. Multiple offers are happening, and pricing is critical. There are trains in Barrington, this is a fact we all must live with, yet there are many reasons why buyers will consider living in this area. If you are ready to list your home, talk with an experienced broker. We would welcome the opportunity to be your trusted adviser! Homes in 60010 are selling! It's a great time to be on the market, so call us to find out what we do for our clients that make the difference! Sincerely, Tara Kelleher
0 votes Thank Flag Link Sat Aug 11, 2012
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