Property Taxes on a Single Family home

[Victor Munoz]

Hi Everyone,

Hope everyone is doing well. My name is Victor and I live in Buffalo Grove IL. I’m considering purchasing a single-family property that’s below market value due to disrepairs.  This will be a home I plan to move into. The property taxes are around the same as properties that are priced at market value. Does anyone know why this would be and is there any way to bring the taxes down to reflect the value of the property? The property I’m interested in is about $275k and similar size properties in the area are going for about 500K.

I’m new to this site and I appreciate any comments anyone might have.

Thank you,