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Old 11-25-2014, 08:03 PM
 
11,768 posts, read 10,259,799 times
Reputation: 3444

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A few questions really.

1. Do these taxes look high?
2. What, exactly, are we getting for the school taxes? A similarly valued house in Denver has a property tax burden of...$1629! I know it's the pensions, but come on. This seems ridiculous.
3. How accurately does the assessed value track the market value over time?

Assessed value: $300K
Ask: $379K
Bid: $350K

MISC TAXES: $611*2
Water
Park, Museum,Aquarium
Park District
SCHOOL TAXES: $2826*2
TOWNSHIP TAXES:$1093 *2
COOK COUNTY TAXES: $459*2
-----------------------------------
TOTAL TAXES: $4,989

Estimated taxes upon transfer: $5,820

The tax rate comes out to 1.66% if the computation stays the same upon transfer.
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Old 11-25-2014, 08:31 PM
 
28,455 posts, read 85,361,596 times
Reputation: 18728
You cannot compare property taxes in other states to those in Illinois / Chicago region. Totally different structure, even compared to other "high property tax states" -- the effect of not just pensions but a wildly screwed up set of incentives for certain large property owners / politically connected individuals means that many many towns have tax rates that work out to well over 3% of selling prices.

In the nicer suburbs if you can a find home with a tax rate that works out below 2.5% you are doing well. Inside Chicago itself a target of about 2% is fair.
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Old 11-25-2014, 09:41 PM
 
265 posts, read 404,778 times
Reputation: 532
What's the address?
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Old 11-25-2014, 09:58 PM
 
11,768 posts, read 10,259,799 times
Reputation: 3444
I can tell you the neighborhood.
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Old 11-26-2014, 10:21 AM
 
4,152 posts, read 7,939,362 times
Reputation: 2727
No that does not seem high for certain suburban areas. Its pretty standard.
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Old 11-26-2014, 02:57 PM
 
265 posts, read 404,778 times
Reputation: 532
Quote:
Originally Posted by ToriaT View Post
No that does not seem high for certain suburban areas. Its pretty standard.
There's not enough info provided to determine whether those taxes are high for a $300K property.
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Old 11-26-2014, 05:08 PM
 
Location: broke leftist craphole Illizuela
10,326 posts, read 17,425,894 times
Reputation: 20337
My mothers house is valued at $366k (even though is was most recently assessed at $299k) and we get charged $8k per year and District 63 elementary is nothing to write home about it is kind of meh. In Illinois the people exist to finance the government. They are just a bottomless piggy bank.
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