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Old 03-31-2019, 11:50 AM
 
3,497 posts, read 2,188,839 times
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Quote:
Originally Posted by TempesT68 View Post
Because they have lawyers to fight them year after year.
Not following you? I haven’t hired a lawyer since we moved into our home 10+ years ago.
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Old 03-31-2019, 04:48 PM
 
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Quote:
Originally Posted by TempesT68 View Post
Because they have lawyers to fight them year after year.
It really doesn’t work like that!
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Old 03-31-2019, 04:53 PM
 
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Quote:
Originally Posted by My Kind Of Town View Post
I’ve often wondered the same. Probably because it’s a relatively small house and original construction so the assessment is articificially deflated. I’m certainly not complaining but it’s really difficult to find a property tax rate of 1% of home value anywhere else in the west burbs.
That is precisely why your out the door taxes are so low. I had a similar home in HP (along with several neighbors) which was assessed low compared to many others. YMMV
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Old 03-31-2019, 06:26 PM
 
5,016 posts, read 3,920,304 times
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Quote:
Originally Posted by Myfakeaccountfolks View Post
** It’s property taxes ** I came from the east coast and though prices are less than Boston suburbs, total all in cost is similar when you add in the 2%+ tax. Having said that, we love the north shore and have no plans to move.
That's... Well, lets just say I think you're nuts.

We payed $12k in prop taxes for our $675k house that is 45 minutes/35 miles outside of Boston. It's an average house, with an 80's kitchen, on a largely unusable lot, with very little amenities close by. Have you seen what you can get in Hoffman Estates by comparison? Lake Zurich? Buffalo Grove? Even Barrington! I mean, you can get a nicer house at the $400k price point in Highland Park than you can in Littleton....Think about that for a second...

Can you imagine how much Park Ridge would cost outside of Boston? Nice, old homes, proper downtown, a ton of convenience. You can get a 4 bedroom in Park Ridge for $400k. Who cares about the $12k property tax, that house would be $1.2M in Newton, $900k in Arlington, and $750k Medford. I'll take Maine South over Medford High 10 out of 10 times, especially with 1/2 the mortgage.

We'll save ~50% in total housing costs moving back Chicago, keeping all dependencies equal.. Proximity to the city, school tiers, etc. The property tax % doesn't matter when the value delta is higher than the property tax delta. You never even notice the property tax increase honestly. So, while I worry about my investment (hence the reason for this post), THAT is the advantage to being in IL and why we are thinking about moving back.

In knowing the communities well, here are some comps based on towns and locations within the towns:

Wilmette
https://www.realtor.com/realestatean...-70373?view=qv
vs.
Newton
https://www.realtor.com/realestatean...-99099?view=qv

Barrington
https://www.realtor.com/realestatean...-32402?view=qv
vs.
Concord
https://www.realtor.com/realestatean...-62944?view=qv

Evanston
https://www.realtor.com/realestatean...-95132?view=qv
vs
Cambridge
https://www.realtor.com/realestatean...-81668?view=qv

Lake Forest
https://www.realtor.com/realestatean...-81037?view=qv
vs.
Manchester
https://www.realtor.com/realestatean...-68079?view=qv

Hinsdale
https://www.realtor.com/realestatean...-36296?view=qv
vs
Wellesley
https://www.realtor.com/realestatean...-34002?view=qv

Hoffman Estates
https://www.realtor.com/realestatean...-82185?view=qv
vs.
Westford
https://www.realtor.com/realestatean...-04779?view=qv

Park Ridge
https://www.realtor.com/realestatean...-57389?view=qv
vs
Arlington
https://www.realtor.com/realestatean...-50755?view=qv

Not to mention, you can be far more selective in a house hunt in IL as there are often 4x-5x more houses for sale in communities within comparable populations. A pro for buyers, a con for sellers.

Last edited by mwj119; 03-31-2019 at 07:31 PM..
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Old 03-31-2019, 06:33 PM
 
5,016 posts, read 3,920,304 times
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The median sales price decrease/stagnancy outpaces the property tax increases as a %. So, while I think it's convenient to blame the property taxes, I think it's only partial truth. Those property taxes get you a lot of public services in the suburbs of Chicago.

Last edited by mwj119; 03-31-2019 at 07:06 PM..
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Old 03-31-2019, 08:28 PM
 
Location: Illinois
3,208 posts, read 3,551,449 times
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Quote:
Originally Posted by mwj119 View Post
The median sales price decrease/stagnancy outpaces the property tax increases as a %. So, while I think it's convenient to blame the property taxes, I think it's only partial truth. Those property taxes get you a lot of public services in the suburbs of Chicago.
Property taxes do cut into affordability/purchasing power, depressing prices. However, the real issue with Chicagoland real estate is lack of demand. The housing market in Westchester County, New York is doing relatively well with property taxes about equally as high, if not higher. The problem is the demand part of the equation.
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Old 03-31-2019, 08:53 PM
 
5,016 posts, read 3,920,304 times
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Quote:
Originally Posted by Hiruko View Post
Property taxes do cut into affordability/purchasing power, depressing prices. However, the real issue with Chicagoland real estate is lack of demand. The housing market in Westchester County, New York is doing relatively well with property taxes about equally as high, if not higher. The problem is the demand part of the equation.
I don't disagree, but my point/to your point, that is only part of the issue as it relates to this thread. I mean, property taxes weren't exactly low in 2007. So, without doing the math, there would have to be a meteoric rise in property taxes across all of Chicagoland for prices to be this depressed compared to yesterdays highs.

Like, we're talking 50-75% increases... Which cannot be the case.
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Old 03-31-2019, 09:07 PM
 
121 posts, read 175,721 times
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Quote:
Originally Posted by Hiruko View Post
Property taxes do cut into affordability/purchasing power, depressing prices. However, the real issue with Chicagoland real estate is lack of demand. The housing market in Westchester County, New York is doing relatively well with property taxes about equally as high, if not higher. The problem is the demand part of the equation.

It would be interesting to see how other areas have fared while also taking into account population movements. I would bet that places like Texas and California have surpassed pre-recession values and both places couldn’t be more different in terms of of regulations and taxes; therefore, taxes are one factor.

Population loss in Illinois is part of the “demand” problem, and the problem with Illinois is there is a neighboring state offering cheaper taxes and lower property values with decent suburbs that are 30-60 mins away. I would bet NWI property values have surpassed pre-recession amount.
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Old 04-01-2019, 07:40 AM
 
4,011 posts, read 4,253,056 times
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Quote:
Originally Posted by mwj119 View Post
The median sales price decrease/stagnancy outpaces the property tax increases as a %. So, while I think it's convenient to blame the property taxes, I think it's only partial truth. Those property taxes get you a lot of public services in the suburbs of Chicago.
I agree 110%
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Old 04-01-2019, 07:50 AM
 
2,561 posts, read 2,182,136 times
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There is demand in very concentrated areas, though there's likely far more first time buyers either not looking at the suburbs and simply prefer to be in the city, or they're unable to afford the suburbs they want and therefore would just prefer to stay put than move to a suburb they consider less desirable at this time.
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