Home Buying in Chicago>Question Details

Cecilia, Home Buyer in 60647

The property we are looking at is now bank owned and listed at 400K with taxes just over 8K a year.

Asked by Cecilia, 60647 Fri Jan 30, 2009

These seem pretty ridiculous. Is it possible to have properties taxes re-assessed before buying? Is so, how does one go about as it isn’t feasible to buy a place and pay those kind of taxes. Thanks in advance!

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Answers

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Cecilia,

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.

Thomas McCarey
Luxury Home Marketing Specialist
Accredited Buyers Representative
@properties and The Real Estate Lounge Chicago
1 vote Thank Flag Link Fri Jan 30, 2009
It is unlikely you will have a re-assessment on the taxes before purchasing (to put it mildly). The bank will cover any backed taxes in most cases. Once you purchase, you can appeal the taxes... which will most likely end up with you lowering them if the market in the area has decreased. This has been the case for most homeowners...higher tax bill on depreciating homes.

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.
1 vote Thank Flag Link Fri Jan 30, 2009
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