Do property taxes increase after you puchase? - Chicagoland Sportbikes
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post #1 of 16 (permalink) Old 04-03-2007, 11:29 PM Thread Starter
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Do property taxes increase after you puchase?

Looking at a place in winnebago county. My example;
county currently has it assessed at "fair market value" of 464k, taxes are 12k/yr. If purchased for 700k, would taxes IMMEDIATELY go up to $18k/yr, even if other homes in the neighborhood have a much lower property tax?

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post #2 of 16 (permalink) Old 04-03-2007, 11:31 PM
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what has the county assessed it at??

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post #3 of 16 (permalink) Old 04-03-2007, 11:49 PM
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Originally Posted by 2weelpilot View Post
what has the county assessed it at??
This is what matters most. Your taxes are based on this number.

INDIRECTLY, if prices start to rise (and your purchase helps other prices rise) then you are indirectly contributing to a higher assessment in the future which will make your taxes go up.

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post #4 of 16 (permalink) Old 04-04-2007, 12:08 AM
 
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This is what matters most. Your taxes are based on this number.

INDIRECTLY, if prices start to rise (and your purchase helps other prices rise) then you are indirectly contributing to a higher assessment in the future which will make your taxes go up.
+1 If you want to save some money, make sure the wife is wearing some sexy outfit when the county appraiser comes by. Get to to make him some cookies or something while he walks around...
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post #5 of 16 (permalink) Old 04-04-2007, 12:10 AM
 
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mine have gone up most years
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post #6 of 16 (permalink) Old 04-04-2007, 12:27 AM
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Quote:
Originally Posted by ClevisR6 View Post
Looking at a place in winnebago county. My example;
county currently has it assessed at "fair market value" of 464k, taxes are 12k/yr. If purchased for 700k, would taxes go up to $18k/yr, even if other homes in the neighborhood have a much lower property tax?
Dude!!! are you actually asking if tax's go up? this is America... have you not heard the phrase, there are two thing certain in life, death and taxes.

Yes your taxes will go up.




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post #7 of 16 (permalink) Old 04-04-2007, 12:44 AM
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Quote:
Originally Posted by HDTony View Post
Dude!!! are you actually asking if tax's go up? this is America... have you not heard the phrase, there are two thing certain in life, death and taxes.

Yes your taxes will go up.



Clevis:
Yes - the taxes will go up - BUT, to help answer your question, the "assessed value" is different that the actual market value (or sale price) of your home. Taxes are based on "asesessed value". So just because the sale price may be 2x the previous assessed value, this DOES NOT MEAN that your taxes will double at the next assessment.

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post #8 of 16 (permalink) Old 04-04-2007, 01:26 AM
 
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Clevis:
Yes - the taxes will go up - BUT, to help answer your question, the "assessed value" is different that the actual market value (or sale price) of your home. Taxes are based on "asesessed value". So just because the sale price may be 2x the previous assessed value, this DOES NOT MEAN that your taxes will double at the next assessment.

but that does not mean that your taxes won't double either! I have heard of taxes going up with the market value as a catalyst. I would check with the city for more info.
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post #9 of 16 (permalink) Old 04-04-2007, 01:34 AM
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Taxes are a part of life.. just go make more money

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post #10 of 16 (permalink) Old 04-04-2007, 09:14 AM
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Bought my house new and my property tax keeps on increasing every year.
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post #11 of 16 (permalink) Old 04-04-2007, 10:24 AM Thread Starter
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Quote:
Originally Posted by HDTony View Post
Dude!!! are you actually asking if tax's go up? this is America... have you not heard the phrase, there are two thing certain in life, death and taxes.

Yes your taxes will go up.
I know they are going to go up, I was just wondering if they will reassess based on my purchase price. House was purchased several years ago $450k, current county fairmarket value is $464k; the county assesses at 1/3 FMV (i think most counties except cook do this). So, If I buy at $694k, will new assessment immediately become 1/3 of $694k?
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post #12 of 16 (permalink) Old 04-04-2007, 10:27 AM
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Quote:
Originally Posted by ClevisR6 View Post
I know they are going to go up, I was just wondering if they will reassess based on my purchase price. House was purchased several years ago $450k, current county fairmarket value is $464k; the county assesses at 1/3 FMV (i think most counties except cook do this). So, If I buy at $694k, will new assessment immediately become 1/3 of $694k?
No, not immediate (unless they do a COUNTY WIDE reassessment for everyone), but it will play into the reassessed price down the road if prices stay elevated.

Your overall taxes could still go up (or down) based on the levies places by the governing bodies (city, county, pension funds, school boards, etc) but that is different than the assessed value metric.

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post #13 of 16 (permalink) Old 04-04-2007, 10:36 AM
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Quote:
Originally Posted by kcaarider View Post
+1 If you want to save some money, make sure the wife is wearing some sexy outfit when the county appraiser comes by. Get to to make him some cookies or something while he walks around...
I think we are that desperate enough to actually do this.

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post #14 of 16 (permalink) Old 04-04-2007, 10:43 AM
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what times are you at work?

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post #15 of 16 (permalink) Old 04-04-2007, 01:30 PM
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Quote:
Originally Posted by ClevisR6 View Post
would taxes IMMEDIATELY go up to $18k/yr, even if other homes in the neighborhood have a much lower property tax?
I would say YES. If not the first year, then most likely the 2nd year.

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post #16 of 16 (permalink) Old 04-04-2007, 03:03 PM
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Quote:
Originally Posted by ClevisR6 View Post
I know they are going to go up, I was just wondering if they will reassess based on my purchase price. House was purchased several years ago $450k, current county fairmarket value is $464k; the county assesses at 1/3 FMV (i think most counties except cook do this). So, If I buy at $694k, will new assessment immediately become 1/3 of $694k?
Yes, you will be reassessed on the new value.

Edit:

You have been looking for a home for quite some time now.
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