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,

[Jody Sperling]

You can file a protest with the county board of equalization on the tax assessed value (it might have a different name in Illinois, but that's what it's called in Nebraska). The problem you'll likely face, though, is that by the time they check the property value, you'll already have begun improvements. If the deal is good enough, don't let a bad tax assessment stop you from taking the leap! Best of luck.