Taxes of $8,000 actually would fit within the standard range of projected taxes (between 1.5% - 2% of purchase price) in Chicago. You might, as previous respondent stated, appeal the property taxes. But this would take place after your purchase and, while taking into account similar nearby properties' values and their taxation level, would also consider your purchase price. Again, with standard rates being 1.5%-2%, you may expect annual taxes of between $6,000-$8,000.
Best of luck with your purchase decision.
Luxury Home Marketing Specialist
Accredited Buyers Representative
@properties and The Real Estate Lounge Chicago
There is a time period in which you can appeal with the Cook County Assessor's office. If you miss that, you can appeal with the Cook County Board of Review.
If you feel the house is a steal, take the hit on the property taxes up front if need be. With the help of your real estate attorney, you can determine the chances of receiving a lower property tax bill in the future.