Property Tax Doubled. Help!!!!

[Jay Thomas]

I bought a rental property in Cook County IL mid 2017 and 2016 property taxes was around $2000. It was a foreclosure and there wasnt any homeowners exemption. The property only needed a light rehab (paint, new flooring). It was vacant for years. I just got 2017 property tax bill and taxes has doubled ($4000). There isnt enough money in escrow to pay this tax bill. The seller only reimbursed me $2000 at closing based of 2016 taxes. This will wipe out my cash flow. Worst part is that tenant just renewed their lease i kept rent the same. I didn't know know taxes will skyrocket as I would have increased rent accordingly. What options do I have or what could I have done to avoid this?

[Jon Holdman]

Originally posted by @Jay Thomas:

Worst part is that tenant just renewed their lease i kept rent the same. I didn't know know taxes will skyrocket as I would have increased rent accordingly.

 Your expenses are irrelevant for determining rent.  They can affect your cash flow, but market set rent, not your expenses.