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Old 07-06-2021, 09:14 AM
 
2,561 posts, read 2,185,335 times
Reputation: 1672

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Quote:
Originally Posted by G in MP View Post
The sale price of comparable properties is what affects the property tax assessment, or in the case of a recently (up to 2 years ago) bought home, its sale price.

Property tax rate in IL is 2.27% (plus anything else your local municipality tacks on). If you bought your home for $350k, expect you'll be paying around $8k in property taxes upon next reassessment.
It depends on your municipality/township/school district etc and could be a $1k-$2k swing up or down based on that.

 
Old 07-06-2021, 09:57 AM
 
Location: Greater Indianapolis
1,727 posts, read 2,010,811 times
Reputation: 1972
Quote:
Originally Posted by G in MP View Post
The sale price of comparable properties is what affects the property tax assessment, or in the case of a recently (up to 2 years ago) bought home, its sale price.

Property tax rate in IL is 2.27% (plus anything else your local municipality tacks on). If you bought your home for $350k, expect you'll be paying around $8k in property taxes upon next reassessment.
8k for a 350k property seems low to me (at least for the Chicago suburbs area). When we bought our home for 240k roughly 3 years ago we paid 8k for the first year, then it went up to nearly $8500 the next year. And that was in Elgin where property taxes can be a good bit lower than more "well off" suburbs.
I know generally the further out into the country you go (away from the city) the less you often have to pay. Although, there are exceptions, my FIL told me he was paying more in property taxes for their house at the time than we were and they live in Sycamore which is pretty far out from Chicago.
 
Old 07-06-2021, 09:59 AM
 
Location: northwest valley, az
3,424 posts, read 2,922,430 times
Reputation: 4919
outrageous property taxes are only a part of why so many have left, and continue to leave...
 
Old 07-06-2021, 11:01 AM
 
Location: NW Indiana
44,370 posts, read 20,073,157 times
Reputation: 115328
This thread keeps going way off-topic and I'm not going to spend any more time cleaning it up. The thread is now closed.

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