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Real Estate Would NEVER happen in Illinois!

Discussion in 'Real Estate Investing' started by MJ DeMarco, Feb 23, 2008.

  1. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Just got my property tax assessment on the two homes I own here in Phoenix ... for 2009, my property taxes are going down! The county overcompensated for the boom in their prior adjustment and had the gumption to lower them for the subsequent year.

    Just one of the reasons I got out of the midwest -- lowering the already exorbitant property taxes would never happen in Cook County (Chicago / Chicago burbs) ... there, they'd probably let the mistake ride.

    Are any other counties reducing property taxes to adjust for the overcompensation that occurred last year?
     
  2. J P D
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    J P D New Contributor

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    Lowering property taxes??? Did I hear that right??

    Cook County is a joke.

    Not only would they let the mistake ride, but they would take it as an opportunity to vote in a quarterly bonus for themselves and then still cry about how there is no funding for the cta. I need to move away from these libs.

    I swear, the only thing keeping me here is the drinking water. :smx6:
     
  3. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Exactly, I have never seen taxes go down in Chicago even though property values have gone down.

    I contest every tax increase and last year I wrote property value has dropped so my taxes should drop. Their response was that they didn't increase the taxes fast enough during the boom so that they are still catching up.
     
  4. Jill
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    Jill Silver Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    My county raised all property values 10%, across the board this year. So my house is now assessed for $75K more than the last appraised value and $88K more than we paid. Neighbors who have tried to protest their valuation in the past have basically been patted on the head and told "Sounds like you got a really good deal! Thanks for stopping by." Argh. :cuss:
     
  5. jimculler
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    jimculler New Contributor

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    Most people semi in the know here are contesting their asessments. Thats the only way you will see a real reduction here.
     
  6. Rawr
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    Rawr Gold Contributor Speedway Pass

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    Tell them they can buy this great deal with that 90k premium, see what they say then. :smx8:
     
  7. Jill
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    Jill Silver Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    Thanx for the advice, Rawr. My neighbor (who is a high-end luxury homebuilder - so she knows her stuff) already tried that. They basically said, "cute that you would take the time off to come ask us. . . but "No".

    Won't stop me from trying tho. The official "protest" time is May. I'll be there with bells on.
     
  8. Rawr
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    Rawr Gold Contributor Speedway Pass

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    LOL. That was a joke Jill, I apologize that my sarcastic ways went over your head. I was pointing out how what they say and what they actually do is two very different things.

    It's like those people in target marketing groups who when asked "Would you buy this product?" all happily reply "Yes!" .. but when you say "Well, I have some, how many do you want?" they seem to change their minds..
     
  9. camski
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    camski Contributor

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    This is the big Hot button item in Indiana right now. The governor is proposing a 1% cap on residential homes and a possible 2-3 % cap on businesses. They are considering lowering the property taxes and increasing sales tax. In addition to that my assessment actually went down on both my commercial and residential property. I think that even some politicians are starting to see that in some areas the well is starting to run dry. They kept raising and raising property taxes here so that now people are just saying screw it and walking away. Foreclosures are at an all time high and we continue to keep losing jobs. This is all translating into people moving away. Less people means less people to tax, not a good situation for incumbents.
     
  10. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    fill out 5 or 6 forms appealing the appraised value. I don't remember seeing anywhere that you couldn't appeal more than once, can you? They will probably will not lower your taxes, but at least you will make them work to take your money.
    Over here, the assessment did go down... but they have scheduled a meeting to re-evaluate the % they will charge for taxes... so yes, the property value goes down, but instead of taxing you .93% of assessed value, they will tax you 1.02% or something like that, making it higher anyway.
     
  11. Jill
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    Jill Silver Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    NP. But I've used that very line before when helping a friend to call the bluff of his assessor's office. I think it is a legitimate way to point out to them the weakness of their argument, if they aren't willing to stand behind it.
     
  12. PurEnergy
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    PurEnergy New Contributor

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    I bet property values have declined in Vallejo California. I wonder if they'll lower their property taxes. :smilielol:
     
  13. kurtyordy
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    kurtyordy Bronze Contributor

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  14. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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  15. randallg99
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    randallg99 Bronze Contributor

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    Hunterdon County was recently acknowledged as one of the highest taxed counties in the country so property taxes have become second nature to our lifestyle... townships/cities will unfortunately increase the tax rate to cover all of the reductions in assessed values.

    appealing taxes is a little tedious but can be well worth the time invested to offset future hikes in the immediate years following appeal even if the reduction is as little as 10% which can amount to thousands of dollars.
     

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