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Updated over 4 years ago,
Property Tax Doubled. Help!!!!
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?