Market Conditions in Crete>Question Details

Jackie, Home Buyer in Crete, IL

Are the taxes based on the price of the home and the square footage. If the property is in foreclosure and

Asked by Jackie, Crete, IL Fri Mar 27, 2009

the price list is lower than the orginal price, should the taxes be adjusted through the township assessor's office

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Taxes are based on the assessed value. The assessed value is based on numerous factors. You can challenge the assessed value at the Assessor's office. On my tax appeals in Will County, the Board of Review will rely heavily on a recent appraisal.

Attorney Ranj Mohip is a Chicago real estate attorney. The information in this answer is general information and is not intended as legal advice. Further, answering this question or otherwise contributing as a member of Trulia.com does not create an attorney-client relationship. Remember--consult the best real estate attorney in Chicago or in your respective area. Contact us at http://www.ranjmohip.com for more information.
1 vote Thank Flag Link Thu Jan 5, 2012
Hi, Lots of buyers think because they buy a foreclosure for less than what other properties around them are selling for that the taxes will be adjusted. Keep in mind, that the assessor will be looking at houses "like" the one that you are buying and will keep the taxes in line with the neighborhood based on the type of house, land, etc. You can protest the taxes but there is no guarantee that they will be adjusted.
1 vote Thank Flag Link Sun Mar 29, 2009
I called the Will County Assessors office about how property taxes are set. There was this beautiful home in Crete. Almost a "mansion". Had 5beds/4baths, inground pool, gourmet kitchen the works all for $75,000! At first, I thought the price was a mistake. It wasn't. It wasn't selling because the property taxes were $10,000! I thought this HAD to be a misprint so I called the Assessors. What I was told is on top of sqft of the home and other "standard" items we think of, the home is taxed according to how many "plumbing access" it has. (i.e. sinks, toilets, tubs, hot tubs, pool) and how much concrete around the home. The taxes were that high BECAUSE it had many baths and a pool as well as a wet bar, concrete around pool etc. So it's not strickly the value of the home/land.
What I was told is this was the main reason the taxes were so high. (the amount was correct) Thought this info might help someone.
0 votes Thank Flag Link Tue Jan 3, 2012
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