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post #1 of 42 (permalink) Old 11-12-2010, 01:39 PM Thread Starter
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Property tax

My favorite piece of mail came today.

How is it even possible for the taxes to have doubled since i purchased yet the property value is less?
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post #2 of 42 (permalink) Old 11-12-2010, 01:41 PM
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post #3 of 42 (permalink) Old 11-12-2010, 01:53 PM
 
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Get your house reassessed. Your taxes could go DOWN a grand or two.

The local lake school districts have gotten used to spending money like it doesn't matter and then just jack up the property taxes mostly shouldered by people that have houses on the lake.

I've seen my neighbors tax bills easily surpass 15k a year. Guess what, when the housing market went down, so did ALL property values.

There actually was a big bbq this summer to encourage a petition setting up reassessment for all local properties. now all those school districts that got used to spending and taxing are going to have to cut spending or get smarter.


It's kinda like this... https://www.chicagolandsportbikes.com...d.php?t=108701


maybe when it's real for everyone, their perspectives will change

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post #4 of 42 (permalink) Old 11-12-2010, 01:57 PM
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Quote:
Originally Posted by ClevisR6 View Post
My favorite piece of mail came today.

How is it even possible for the taxes to have doubled since i purchased yet the property value is less?
new construction?

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post #5 of 42 (permalink) Old 11-12-2010, 02:10 PM
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Shit I didn't get my homeowner's exemption. I forgot you have to apply every year. I'm guessing the process to get that fixed is not going to be fun.

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post #6 of 42 (permalink) Old 11-12-2010, 02:15 PM
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Shit I didn't get my homeowner's exemption. I forgot you have to apply every year. I'm guessing the process to get that fixed is not going to be fun.
wat?

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post #7 of 42 (permalink) Old 11-12-2010, 02:16 PM
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Shit I didn't get my homeowner's exemption. I forgot you have to apply every year. I'm guessing the process to get that fixed is not going to be fun.
Exemption? Mind enlightening me?
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post #8 of 42 (permalink) Old 11-12-2010, 02:19 PM
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I applied for the homeowner's exemption when I moved in. It was about $1500 for my 2008 taxes but only $750 for my 2009 taxes. When I went on the CC treasurer's site (since I didn't get my bill yet) it says I don't have the exemption for 2010. I thought I remember seeing that you have to apply every year for it but now I can't find anything that says that on their site.

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post #9 of 42 (permalink) Old 11-12-2010, 02:20 PM
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http://www.cookcountyassessor.com/exemptions.aspx

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post #10 of 42 (permalink) Old 11-12-2010, 02:27 PM Thread Starter
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new construction?

i wish... 50 year old pos. no additions, remodeling, etc
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post #11 of 42 (permalink) Old 11-12-2010, 02:28 PM
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Ah, here's some more information.

http://www.revenue.state.il.us/local.../taxrelief.htm

Seems folks in Cook County have to jump through different hoops.

I'm in Will County, and they automatically apply it. Just checked my Tax bill online and there's a $6,000 Exemptions line item.

Thanks for the quick property tax lesson though... learned a few things.
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post #12 of 42 (permalink) Old 11-12-2010, 02:29 PM
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Applied for this and got approved. Ironically that only helped a little since there was such a big std increase in Cook county. Still ended up with a 600 increase, guess it was better than it would have been without the the break.

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post #13 of 42 (permalink) Old 11-12-2010, 02:32 PM
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Just wait until you cannot claim the intrest on ur mortage payment. It just seems useless to own a home now a days.
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post #14 of 42 (permalink) Old 11-12-2010, 02:42 PM
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It just seems useless to own a home now a days.
except for the equity over time part
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post #15 of 42 (permalink) Old 11-12-2010, 02:45 PM
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Just wait until you cannot claim the intrest on ur mortage payment. It just seems useless to own a home now a days.
Doubt that will ever happen, it is a great entitlement that will be very difficult for the government to take away. And anyways, useless??? I am happy to call it my own, well the banks, but feels like my own.

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post #16 of 42 (permalink) Old 11-12-2010, 02:47 PM
 
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Quote:
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Just wait until you cannot claim the intrest on ur mortage payment. It just seems useless to own a home now a days.
huh? Is it time to move to Ireland already?
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post #17 of 42 (permalink) Old 11-12-2010, 03:20 PM
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If you find comparable homes in your area who are paying less in taxes then file an appeal with the assessor office and Board of review. If they agree with your comparable then they will reduce your assessment. No harm done if they disagree since they will not raise your assessment.

Assessor appeals are filed online by township just find 5 comparable.
Board of Review must but done in person (paper form) and a bit more work.

No lawyer needed.

"Carlos"
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post #18 of 42 (permalink) Old 11-12-2010, 03:25 PM
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Quote:
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except for the equity over time part
as the market goes in the fucking shitter that equity seems to be dwindling. Wanna buy my townhouse?

Chris
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post #19 of 42 (permalink) Old 11-12-2010, 03:29 PM
 
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I didn't even have to file an appeal. All our tax records are public so I had all my info on hand when I called the assessor. She just volunteered to come out and do the reassessment for me since it had been a few years since the last one. When she added two rooms to the house that weren't on her set of blueprints I was a little worried but the assessed value still could go down.

What was bugging me, and this means absolutely nothing in reality, but my taxes were saying my houses FMV was significantly more than I paid for the house and in my mind that was wrong, but later she explained it's just a calc value that has no bearing.

well neighbor xyz lives in same neighborhood. has it documented that their house has 1000 more sq ft a block away and I'm paying a grand more in taxes???? srsly?

all fixed now
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post #20 of 42 (permalink) Old 11-12-2010, 03:47 PM
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Quote:
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I didn't even have to file an appeal. All our tax records are public so I had all my info on hand when I called the assessor. She just volunteered to come out and do the reassessment for me since it had been a few years since the last one. When she added two rooms to the house that weren't on her set of blueprints I was a little worried but the assessed value still could go down.

What was bugging me, and this means absolutely nothing in reality, but my taxes were saying my houses FMV was significantly more than I paid for the house and in my mind that was wrong, but later she explained it's just a calc value that has no bearing.

well neighbor xyz lives in same neighborhood. has it documented that their house has 1000 more sq ft a block away and I'm paying a grand more in taxes???? srsly?

all fixed now
You were lucky with that. Took me almost a year to get them to put the updated purchase price in the computer which took them all of 5 seconds.

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post #21 of 42 (permalink) Old 11-12-2010, 03:57 PM Thread Starter
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forgot to mention that it doubled after I filed an appeal. and the appeal went thru.
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post #22 of 42 (permalink) Old 11-12-2010, 04:05 PM
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damn, just looked at mine. didn't they say that they were trying to raise money due to a shortfall so the first installment was going to be 55% of your tax bill and the second half was going to be the remaining 45%?

(*#@# crooks! so of course the bill for the second half is still bigger than the first installment...

I gotta sell and move out of C[r]ook County
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post #23 of 42 (permalink) Old 11-12-2010, 04:10 PM
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Quote:
Originally Posted by Vcook View Post
as the market goes in the fucking shitter that equity seems to be dwindling. Wanna buy my townhouse?
shitty equity is still better than zero equity

I'm looking for investment properties, stop making your payments and we can convince your bank to do a short sale.
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post #24 of 42 (permalink) Old 11-12-2010, 04:17 PM
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I'm looking for investment properties, stop making your payments and we can convince your bank to do a short sale.
I think that only works if your financially in trouble or are upside down on the house, which is hard if like a good buyer you put a lot down.

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post #25 of 42 (permalink) Old 11-12-2010, 04:17 PM
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Quote:
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as the market goes in the fucking shitter that equity seems to be dwindling. Wanna buy my townhouse?
Anyone want mine, I'll even leave the four post lift behind?

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post #26 of 42 (permalink) Old 11-12-2010, 04:27 PM
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Any one else notice IL held the tax bills to after the Election? Also all the towns and schools are hurting because IL held the tax bills this long.

06 Sunburst Orange Ninja Zx6r, 06 1250 Sportster.
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post #27 of 42 (permalink) Old 11-12-2010, 04:27 PM
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Crap did they sky rocket, the second installment amount due is up 21% from the first installment amount paid. The rates and levys must have increased as the assessed 2010value is lower then the 2009 value. This really sucks as BOA will reavulate the escow payment and that will really hurt. :-(

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post #28 of 42 (permalink) Old 11-12-2010, 04:34 PM
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I think that only works if your financially in trouble or are upside down on the house, which is hard if like a good buyer you put a lot down.
that's why I said stop making your payments.... maybe even get fired from your job to make your story look better. default on a car loan or two. imagine all the money you'll save if you just stop paying bills.


Illinois is a pro-lender state when it comes to strategic foreclosures, but strategic short sales are a different story. stick it to the man!
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post #29 of 42 (permalink) Old 11-12-2010, 04:38 PM Thread Starter
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Quote:
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that's why I said stop making your payments.... maybe even get fired from your job to make your story look better. default on a car loan or two. imagine all the money you'll save if you just stop paying bills.


Illinois is a pro-lender state when it comes to strategic foreclosures, but strategic short sales are a different story. stick it to the man!
in IL, can't the lender sue you for the spread on what they sell it for and what you owe? deficiency judgement or something?
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post #30 of 42 (permalink) Old 11-12-2010, 04:40 PM
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Quote:
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equity
What is this equity thing you speak of?

Tom
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