Are property tax rates different on an income property?

Are property tax rates different on an income property?

Polo, IL · Member since 2016 · 3 posts · 0 votes

I live in Illinois and I would like to know if the property tax rate is different if I own a multifamily property than than they are on my house.

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Real Estate Attorney · Chicago, IL · Member since 2014 · 89 posts · 66 votes
9y

@Phil Gaulrapp, your tax rate is not based on property type, rather, it's based on the location of your property within its' taxing district (For cook county, see: http://cookcountyclerk.com/tsd/DocumentLibrary/2015%20Tax%20Rate%20Report.pdf).  The assessment ratio will differ depending on your property classification and the equalization factor is the same throughout Illinois.

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  • Real Estate Attorney · Chicago, IL · Member since 2014 · 89 posts · 66 votes
    9y

    @Phil Gaulrapp, your tax rate is not based on property type, rather, it's based on the location of your property within its' taxing district (For cook county, see: http://cookcountyclerk.com/tsd/DocumentLibrary/2015%20Tax%20Rate%20Report.pdf).  The assessment ratio will differ depending on your property classification and the equalization factor is the same throughout Illinois.

  • Polo, IL · Member since 2016 · 3 posts · 0 votes
    9y

    Okay, so basically I would just need to ask the county what the tax rate is, based on the address of the property?

  • Justin R.Pro Member
    Rental Property Investor · San Anselmo · Member since 2015 · 659 posts · 600 votes
    9y
    Many districts have a Homestead discount, which is basically an investors tax in theory.
  • Real Estate Attorney · Chicago, IL · Member since 2014 · 89 posts · 66 votes
    9y
    You may be able to look up the property on the county treasurer's office and figure out the "tax formula" for your property; if available, it may show the tax rate.
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