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Old 01-02-2017, 09:43 PM   #26
Go ahead. I'll catch up.
 
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You can't just take averages. There are a lot of factors involved. Talk with an expert or, at the very least, read up on how to comp properties for appraisals. Location, very similar homes, age, style, improvements, etc. I don't want to get into the details (liability) but the info is on the web.
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Old 01-02-2017, 09:55 PM   #27
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Originally Posted by Flyn View Post
You can't just take averages. There are a lot of factors involved. Talk with an expert or, at the very least, read up on how to comp properties for appraisals. Location, very similar homes, age, style, improvements, etc. I don't want to get into the details (liability) but the info is on the web.
If I buy this house and the taxes don't get down to a level I'm expecting, I'm going to sue the shit out of you.
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Old 01-02-2017, 09:58 PM   #28
 
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It's a trap lol
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Old 01-02-2017, 09:59 PM   #29
Go ahead. I'll catch up.
 
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If I buy this house and the taxes don't get down to a level I'm expecting, I'm going to sue the shit out of you.
Ha Ha! That's great.

I have never been sued and would like to keep it that way. I don't worry about you but who else is reading this? Seriously, the best advice it to talk with a good, local expert (or several), especially if the first consultation is free. They can tell you in ten minutes if you have a good chance.
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Old 01-03-2017, 01:47 AM   #30
 
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Civil or criminal?

This isn't done in court up here, it's done at the county in front of the review board and the township assessor and you are permitted an attorney and appraiser, both showed up on my behalf and they didn't expect any homeowners, well good thing I showed because they weren't prepared and it showed. I've paid around 25k per year for going on 7 years so I've been pretty involved and in front of the board for at least 4 years now.
25k per year on whay!?

This whole property tax thing i need an education on too. I live in a small town were we just bought this house just over a year ago. School is trying to get the added funds to build an addition which im fine with when some classes are being held in the gym or on the stage umm yeah its time for an addition.

Anyways it went to public vote to get the added tax increase for the addition and got voted down both times. Well here we get a letter in the mail and they are jacking the taxed MILS on my house to get the added funds anways. So much for that public vote!

It was pretty much are you ok with the school addition?
1st vote public said No
2nd time are you still sure its not a good idea to add on public still No.

City basically said fine screw you all then and well jack the property taxes anways to get the funds needed.

Seems crooked as hell to me the measure or school adition was voted down twice then city just goes and jacks the property taxes anyways to get around the public vote.

Basically it was do we have the public permission with the votes no fine screw you all well just go around the puic and do it anyways.

I live south or where i work because real estate and taxes are insane there so i dont want the same thing happening here. I voted for the school addition but it seemed like it was pointless now.
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Old 01-03-2017, 05:24 AM   #31
 
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ya its a fail, bought the house 06/2010 for roughly 35% under the original purchase price when it was built, it was only lived in for 1-2 weeks then the original owners bounced, so expected the taxes to come down SOME if not roughly 35%, its 5300 sqft on a 1/3 of an acre.

The only justification to not let it get to you is that property taxes are a deductible on your income taxes, paying the county and for your local schools thus greatly reducing what you end up paying to the federal/state.

Year Base Tax Due Net Taxable Value
2015 24,236.10 201,849
2014 22,860.42 186,679
2013 23,195.90 194,483
2012 23,712.78 219,649
2011 23,869.08 243,053
2010 24,390.88 269,705
2009 26,344.96 315,413
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Old 01-03-2017, 07:32 AM   #32
 
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@Flyn

I'm looking to move soon so I've been casually looking at homes, maybe contemplating making an offer in the next few months. I found a house I love in Roselle, we shall call this House A. Everything about House A is great, except the taxes seem really high to me, so I looked up some of the comps. House B is a few blocks down the road, same city, and asking price is 10% more. Even though House B is 10% more, the property taxes are 25% less. Overall monthly cost of House B is less because of this.

The assessed value is quite a bit more on House A which is driving up the property taxes.

Why is it like this, and if I was to buy House A, can I get a lawyer to reduce the assessed value to a level similar of House B and thus bring down my property taxes?
I wouldn't compare asking prices to property tax. Get the PIN number for those property's and verify what the taxes actually are on the DuPage County website. One might have a exception like senior or veteran. Just remember the county will go ofter recent sales. So worst or best case you will be paying tax based on the purchase price. Look up the equation to calculate property tax in DuPage County.
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Old 01-03-2017, 07:34 AM   #33
 
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Real estate taxes are a function of fair market value.
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Old 01-03-2017, 07:59 AM   #34
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@Angus

@Turk , he explained a whole bunch 'bout property taxes to me prior
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Old 01-03-2017, 08:05 AM   #35
 
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Quote:
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I wouldn't compare asking prices to property tax. Get the PIN number for those property's and verify what the taxes actually are on the DuPage County website. One might have a exception like senior or veteran. Just remember the county will go ofter recent sales. So worst or best case you will be paying tax based on the purchase price. Look up the equation to calculate property tax in DuPage County.


The exemptions make a big difference in taxes. When I was looking at houses, we looked at a few homes that had that exemption and our realtor cautioned us that the property taxes would rise pretty significantly if we were to buy.
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Old 01-03-2017, 08:08 AM   #36
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redfin at least lists "senior" exemption so you know whatsup.
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Old 01-03-2017, 08:08 AM   #37
 
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Unless senior citizen, you only get homeowners.

This exemption reduces the Equalized Assessed Value(EAV) by the amount of the exemption. For the current tax assessment year, the reduction is $6,000.

100k house = 33k assessed value, minus 6k = 28k assessed value
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Old 01-03-2017, 08:34 AM   #38
 
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@Angus

@Turk , he explained a whole bunch 'bout property taxes to me prior
@Turk Shoot me a PM with the info and I can take a look.

Everyone's input is pretty much spot on. @Bruce Jibboo could be a property tax consultant.
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Old 01-03-2017, 08:41 AM   #39
 
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learned way too much yet no change or relief, there was a group of like 600 people in my township alone ready to storm the school district, yet the voters of the township passed a 22M referendum for a new gym and 'some' classrooms, majority NOT for education purposes.
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Old 01-03-2017, 08:49 AM   #40
 
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and here my town voted no twice on a 12M addition for actual classroom addition.
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Old 01-03-2017, 08:52 AM   #41
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PM sent @Angus
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Old 01-03-2017, 10:50 AM   #42
 
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PM sent @Angus
REplied.

Good thing is you'll have a purchase price pretty much setting the bar for the market value of the home. It's easier than determining value by sales comps and equitable assessment comps.
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Old 01-03-2017, 06:35 PM   #43
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Thanks for all the help @Angus, very informative. I have a tough decision to make.
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Old 01-03-2017, 08:39 PM   #44
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Quote:
Originally Posted by PANDA View Post
I wouldn't compare asking prices to property tax. Get the PIN number for those property's and verify what the taxes actually are on the DuPage County website. One might have a exception like senior or veteran. Just remember the county will go ofter recent sales. So worst or best case you will be paying tax based on the purchase price. Look up the equation to calculate property tax in DuPage County.
PANDA NAILED IT

Also, you can (and should, esp in IL) always annually contest the tax rates.
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Old 01-03-2017, 10:02 PM   #45
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I'm still trying to figure out why Woodstock where I live has almost the same taxes as crystal lake when everything in the town besides the square looks old and dumpy and their school district 200 is bullshit compared to CLs 155. Only good thing out here is the homes cost 2/3 of what crystal lake does for the exact same and quality house.
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Old 01-04-2017, 07:48 AM   #46
 
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My main gripe with property taxes is schools. I don't have kids I don't give a fuck about schools. I didn't buy my house because of the school district. I should get a exception. Nope im paying $600 a month for schools out of my property taxes. Fuck that
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