Wow, no answers?! There is a federal program in Chicago called TaxSmart. So far, I've only seen it be introduced in Chicago. Schaumburg, not so much. I think Schaumburg really only offers an energy tax relief program, that will save you on taxes when you install energy efficient fixtures into the property. You are saving a lot in the initial cost of the property anyway and the taxes in Schaumburg shouldn't exceed $2500 per year for a 2 bed condo. I just looked up properties under $70,000 in Schaumburg and there are 34. If you want to consider Chicago, there are 404 just on the Northside under $70,000.