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Micskor, Home Buyer in Chicago, IL

Renting out a condo

Asked by Micskor, Chicago, IL Sun Apr 28, 2013

Developer is renting out condos instead of trying to sell them as has not notified the assessor a office about this. Would this change how much he pays in property taxes?

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Answers

8
Once the homeowner's association is formed and recorded, it does not matter if the units are sold, rented, or just sit vacant, the taxes will be the same.

BTW, if you are living there, making life difficult for the developer in this situation is not going to help you, most likely will be detrimental to your financial health. Like it or not, you, and the developer, and the other owners are partners until the units are sold.
1 vote Thank Flag Link Sun Apr 28, 2013
Property taxes has no relation in this case ...
0 votes Thank Flag Link Wed May 15, 2013
Which is better...renting out the units or slashing prices that devalue the rest of the complex or building? I agree with Dave...if you live there, try to make lemonade out of this situation. It's not going to help to antagonize the developer.
0 votes Thank Flag Link Mon Apr 29, 2013
Call the assessor in that township for the correct information you are looking for
0 votes Thank Flag Link Mon Apr 29, 2013
Actually that depends. If the developer has single pin numbers for each condo this is costing the developer a lot of money. If the developer reduced the building to a single pin number, he or she, is recognizing considerable tax savings.
0 votes Thank Flag Link Mon Apr 29, 2013
Property taxes have no relation to whether he rents or sells.
0 votes Thank Flag Link Mon Apr 29, 2013
Since developer is not getting the price he wants to sell the units, he is therefore trying the rent them, and this is OK as long as the By Laws allow it.
0 votes Thank Flag Link Sun Apr 28, 2013
He should have to start paying more in property taxes.
0 votes Thank Flag Link Sun Apr 28, 2013
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