Property Taxes

Cook County 2008 property tax rates released

October 21, 2009

Yesterday the Cook County Clerk released the 2008 property tax rates for more than 1,200 taxing agencies in Chicago and suburban Cook County. According to the Chicago Tribune, property taxes will raise a total of $11.2 billion, up 4.2% from $10.75 billion last year. For the full article read, “Chicago property tax: Bigger bills headed Click to continue...

3 Hidden Costs of Buying Foreclosures

April 29, 2009

I had an interesting question yesterday from a new buyer about the costs of buying a foreclosure. She asked who was responsible for compensating the Realtors when it’s a bank selling the property. Compensation works the same way regardless of who the seller is. If the foreclosure is listed with a broker, the bank pays Click to continue...

Cook County IL Assessor May Lower Home Valuations!

January 21, 2009

The Chicago Sun-Times reported today that the Cook County Assessor is looking at cutting home valuations. Click to continue...

Chicago Real Estate Transfer Tax Increases, But Not for Buyers!

April 29, 2008

Back in February I wrote about the Chicago City Council’s vote to increase the buyer transfer tax on homes (see “Tax to Buy a Chicago Home Increases 40% April 1st – No Joke!“). The tax increased, but fortunately for buyers, sellers ended up paying the increase. In a last minute ammendment, the council voted for Click to continue...

Will Your New Home Be In A Special Service Area (SSA)?

April 2, 2008

A week ago one of my buyers said he wanted to take a second look at a townhouse in Aurora. The showing instructions said to call the seller to schedule showings, so when speaking with the seller, I took the opportunity to ask him a few questions about his home. One of my questions was Click to continue...

Tax to Buy a Chicago Home Increases 40% April 1st – No Joke!

February 7, 2008

The Chicago City Council voted yesterday to raise the buyer transfer tax by 40%! The buyer transfer tax is paid by the buyer when purchasing a home. Currently the tax is $7.50 per $1,000 sales price. So the tax on a $300K purchase is $2,250 (7.5 * 300). Starting April 1st, the tax on the Click to continue...

Stop Chicago City Council from Raising Buyer Transfer Tax 40%!

January 31, 2008

Next Wednesday, February 6, the Chicago City Council will vote on a plan to increase the buyer transfer tax by 40%! Currently, Chicago home buyers pay $7.50 tax per $1,000 of value. On a $400,000 purchase this amounts to $3,000 (7.5 * 400). If the tax increase is approved, the tax on the same home Click to continue...

North & West Suburbs Buyer Transfer Tax Update

November 6, 2007

Last year I wrote about the city of Chicago and 11 north and west Chicago suburbs that tax buyers when they purchase a home (see “Chicago and Suburban Buyer Property Transfer Taxes“). Here are some more north and west suburbs to add to the list. Taxes rates are per $1,000 of sale price (e.g. a Click to continue...

DuPage & Will County Property Taxes

April 19, 2007

This morning I received an email from a gentleman considering relocating to Naperville. He asked for help understanding property tax rates there since Naperville is in both DuPage and Will counties. Tax rates in the Chicago area are usually described in terms of an amount per $100 of value by governments (e.g. $7.5 per $100 Click to continue...

Higher Property Taxes Mean Lower Offers!

October 25, 2006

I was searching for condos along the east side of Schaumburg this morning when I noticed that comparable units in the same development have significantly different property taxes. Even allowing for homeowner and senior exemptions, some condos have property taxes 60% higher than other comparable condos in the same development! Homes with significantly higher property Click to continue...

Governor’s Property Tax Assessment Shines a Light on Assessment Confusion Part 2

October 6, 2006

Yesterday in Part 1 of this post, I wrote about the mystery of the Cook County Property Assessment Process. Adding to the confusion of property assessments is the fact that the assessments contain a lot of erroneous data. That’s one of the reasons why automated home valuation systems such as Zillow.Com are so often off Click to continue...

Governor’s Property Tax Assessment Controversy Shines a Light on Assessment Confusion Part 1

October 5, 2006

Chicago Tribune Columnist, Eric Zorn, has an interesting column today titled, “Political claims + property taxes = big confusion“, regarding the controversy over Governor Rod Blagojevich’s property tax assessment. The Governor has a home in Ravenswood Manor, a neighborhood within the Albany Park area of Chicago. Ravenswood Manor is a very nice neighborhood bordered by Click to continue...

Chicago and Suburban Buyer Property Transfer Taxes

February 28, 2006

Trying to decide whether to buy a home in the city of Chicago or in a suburb? One fact that tips the scales slightly in favor of the suburbs is the city of Chicago’s real estate transfer tax for buyers. Buyers in the city must pay $7.50 per $1000 paid. That means buyers of a Click to continue...