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I saw this when I lived in the Chicagoland area. A co-worker was giving me the business for renting instead of buying something. The he let it slip that his pro
by al_borland 1y ago
I saw this when I lived in the Chicagoland area. A co-worker was giving me the business for renting instead of buying something. The he let it slip that his property tax alone was $35k/year, almost 2x what I was paying in rent, and that didn’t even include the mortgage.
- tomjakubowski 1y agoSurely this must not have been a like-for-like comparison, unless your landlord is very charitable or somehow secured a much lower property tax rate than your coworker did (as is possible in California through various Prop 13 mechanisms). Have you looked up what the property tax bill is on your apartment?
- al_borland 1y agoHe had a nice house in an expensive area. I think his wife was someone important at a bank. I was in a one bedroom apartment, so not like-for-like, but I didn’t need or want anymore space than I had. I was also in a nice area, and in the nicest apartments in that area, as far as I could tell. A couple people who moved out there when I did bought places, and I heard nothing but regrets from them a year later.
- tptacek 1y agoThat's an enormously high property tax bill for Chicagoland. I live in Oak Park, famously one of the highest-taxed areas in the county, in a relatively large house, and my taxes are not close to that (more than $10k less). I don't doubt you or your friend, but their situation was unique.
- al_borland 1y agoI think he was in Oak Park. I drove by his place once. He has a pretty good size corner lot. That said, he was often trying to show off, so who knows.