Property taxes on common area in Illinois. I've been told in Illinois those living in townhomes do not pay

Asked by Rich, Frankfort, IL Tue Mar 11, 2008

taxes on common ground. How can I verify this?

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Jacqueline K…, , 60098
Wed Apr 30, 2008
Mwass is right.
The difference between a townhome and a condo is if you own the land that the home is on or not. If you are living in a townhome with the lot size of your unit being "common grounds" that usually means that you pay property taxes on your condo only. The taxes are based on an assessed value which is usually a reflection of the purchase price plus an inflatioary percentage per year unless improvements have been made. The land, if it is common grounds, is taxed and usually the association fee covers those taxes.
0 votes
Mwass, , Chicago, IL
Tue Mar 11, 2008
The best ways to check this out are to review the declaration the creates the homeowners association / planned development or to check with the local tax assessor or treasurer to see who the tax parcel is billed to. most often the homeowners association pays these bills out of the individual owners' assessments.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more