YRiss, Other/Just Looking in Chicago, IL

I am purchasing a foreclosure. The property is selling for less than the appraised value. Can I negotiate the property taxes after I close?

Asked by YRiss, Chicago, IL Wed May 4, 2011

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Simple answer is yes - you can always try to negotiate your taxes (during open book typically), but that doesn't mean that you will prevail. Just because you got a great buy on a foreclosure doesn't mean that you bought it at the market value, and that is what the assessor must determine - the market value. The market value is determined by comparing it to other homes sold (at arm's length) recently
0 votes Thank Flag Link Thu May 5, 2011
YOUR BEST BET WOULD BE TO CALL THE CITY OR VILLAGE AND ASK WHEN AND IF THEY HAVE APPEAL TIMES FOR REQUESTING A LOWER TAX BILL.THEY MAY ONLY HAVE A CERTAIN TIME OF YEAR FOR REQUESTS.SOME ITEMS YOU MAY TAKE WITH YOU WOULD BE YOUR PROOF OF PURCHASE PRICE ON YOUR HOME.MAYBE EVEN THE APPRAISAL ALSO AND GO FROM THERE.GOOD LUCK!
0 votes Thank Flag Link Thu May 5, 2011
You will also want to be careful before doing so. If you have PMI on your loan and/or if you ever have to refinance, the few hundred that you are saving may cause you a big headache later down the road.
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Thu May 5, 2011
I'm guessing that you mean the property sold at less than the ASSESSED value. Many properties sell for more or less than assessed value. You will have to show that your property is assessed too high based on similar properties that have sold recently. Keep in mind, the assessment is based on the value as of January first of the tax year. It may take assessors some time to adjust values, but eventually it gets done. That does not mean your are correctly assessed, so do your homework by finding recent sales of comparable properties to help state your case for next year.
0 votes Thank Flag Link Thu May 5, 2011
There really is no guarantee to getting your taxes lowered based upon the current purchase price. When your tax bill comes, you can submit an appeal, but no guarantees..
Web Reference: http://www.minisamuel.com
0 votes Thank Flag Link Thu May 5, 2011
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