Likelihood of lowering property taxes?

Asked by Rt, Hoffman Estates, IL Fri Jun 15, 2012

I'm looking at a property on Christopher Ct in Elgin, IL. It's listed at just under $70k, so the price is right, the HOA fees are reasonable . . . but the taxes are sitting at $4,055 a year. I realize that decoding the byzantine formula CRook County uses to determine the market value is less difficult than reading tea leaves, but when I look at other properties in neighboring communities (Streamwood, Schaumburg, Hoffman Estates) the property taxes are MUCH lower for units sitting in this price range.

Is there something about Elgin that causes the property taxes to be so very much higher there than in the neighboring communities? Is there a way I can determine the amount of the homeowners exemption I will qualify for will be? Or at least a "ballpark figure" of what the homeowner's exemption will do to my property taxes for this place? I like what I see, but would also like to get an idea for what appeals and exemptions can do to cut my property taxes before liking a place too much.

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