3 ms·
"It also requires property owners to do EXTENSIVE research and information gathering CONSTANTLY" Every year in Chicago. My house has been, and still is, asses
by mring33621 4y ago
"It also requires property owners to do EXTENSIVE research and information gathering CONSTANTLY"
Every year in Chicago.
My house has been, and still is, assessed for 600K over what I paid in Nov. 2021. It had been on the market since 2016, until I bought it. The price I paid is the value of the house.
First assessment appeal denied.
Second appeal lost in the system.
We have to fight against an unfair and arbitrary tax system EVERY year.
Now they are going to index the tax rate to inflation.
Maybe other communities are under-taxed, but mine is not.
- allenrb 4y agoI’m with you, mring33621. Cook Co. is ridiculous. Bought our home (in 2018) just north of Chicago, out of foreclosure. Taxes jumped far beyond what they’d been trying (and failing) to sell for prior to foreclosure. Similar experience last year with an apartment building being valued at more than twice what I’d paid (in rough condition) in an open, arms length transaction literally months earlier. AFAICT, hiring an attorney is the way to go. Then you still have to pay, but much less overall. I’m about 80% convinced that the tax assessors are in it with the appeal attorneys to almost literally write themselves checks. Not that such misdeeds would ever occur in Chicago/Cook…
- monksy 4y agoYou forgot the major rule. Hire an attorney that has serious connections with the alderman(s) and plays golf with the daileys.
- 8note 4y agowhat could you sell it for though? what could you mortgage it for? what you paid for it is irrelevant if people are buying the neighboring places for double or triple the price. if it's worth so much more than you think, sell it
- mring33621 4y agoThe house was literally for sale to the public since 2016 through end of 2021. If it was worth more than what I paid, someone would have purchased it before I did. This is how free markets work.