How hard is it to lower your property taxes?

[Brad Chatman]

HI All,

I'm just starting out with rental properties and I've noticed a lot of properties that have very high property tax in Illinois and as a result the cash on cash return doesn't work out on a lot of these deals.  

It just seems off that these properties are selling for low 100k and the property tax is 5-10k annually.  

Any thoughts on this?

Is there an opportunities on these to get the property reassessed and drop this property tax in order to make the cash flow more appealing? 

Have you come by this and do you typically just filter these properties out right from the start?

Thanks for your help.

[Patrice Boenzi]

It can be done! You need to know the drop-dead dates for your county. However, once a property is sold then there is a grace period for the new owner to challenge the taxes. Once you know the dates, follow the instructions and make sure you get all your paperwork in order. Good Luck!