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Old 08-18-2009, 12:58 PM
 
11 posts, read 40,474 times
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Hi,

I was researching condo listings in Chicago and noticed that property taxes may vary significantly for apparently similar units in the same neighborhood. So I was wondering if that was influenced by the last sale price for each unit and if I buy a condo, what will happen with its property taxes in the following year. Will the city reasses its value with possibly significant increase in taxes (say, more than 30%)? Is so, is there a relaible way to estimate what the new taxes one will have to pay after the sale?
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Old 08-18-2009, 08:00 PM
 
968 posts, read 2,664,332 times
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It's sort of complex ..one thing to remember is that taxes are paid in arrears, so you're really paying for a prior period ..Most RE settlements / sales contracts include a payment from the seller to the buyer to compensate for the fact that the tax bill you're receiving is really from when the previous owner lived there ...
There are quite a few different taxing entities on a Chicago Property Tax bill ( City, County, Park District, etc) ..each one decides increases and rates through their own processes.. I thought reassessment occurred every 4 years by 'quadrant' or 'township', but it's been a while ..
Somebody more knowledgeable will hop on here.. we have a few Real Estate types on the forum that might have more specific info
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