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Updated over 9 years ago,

User Stats

30
Posts
5
Votes
Dean Hulsing
  • New to Real Estate
  • International
5
Votes |
30
Posts

Any success in getting the Tax bill down PRIOR to closing?

Dean Hulsing
  • New to Real Estate
  • International
Posted

I am interested in purchasing a MFR that has a substantial amount of personal property associated with it. I am in IL and the owner pays for the TAX at the time of closing and I feel that the Taxes are high in comparison to the amount that I am willing and they have accepted as a offer contingent on several other factors at this point. What I am asking on this forum is if there is anyone out there that would argue the property taxes for the seller prior to purchasing the property. The current Taxes are at 18032.17 based on an assessment of 509,148. we have agreed on a sales price of 455,000 and I believe that there is approximately 48,000 in personal property when all the stoves, dishwashers, refrigerators, air conditioners, lighting, carpeting is included. This would bring the value down to 407,000. The Taxes based on an assessment of 409k would be only 14,414. If a compliant to the Tax board was successful this would drop the taxes by 3617.72 per year. (or a little over 300 per month!) Two questions. 1. CAN I file a compliant the taxes prior to closing? 2. SHOULD I file a compliant prior to closing? Thanks for any input on this matter! I sincerely appreciate it!

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