What is everyone’s experience with a property tax reassessment upon sale of a property? In Cook County, IL, my understanding is you may or may not trigger a property tax reassessment based on a sale and otherwise it’s somewhat unpredictable when an actual human will come to reassess the exterior and interior for overall value.
Trying to predict when this might occur on a property purchased with currently low property taxes but is subject to significant increase when reassessed due to forced appreciation. Thanks!
Investor · brentwood, CA · Member since 2016 · 1k+ posts · 730 votes
5y
I'm thinking that's a highly localized determination. Where I live a sale virtually guarantees a review, but that's because of the unique aspects of our state and local law.
Evans, GA · Member since 2016 · 121 posts · 65 votes
5y
I have seen both a sale and also a re-finance trigger a re-assessment. We estimate what we think taxes will be after reassessment and run our numbers with that in mind. Sometimes that means the first year you are happy the taxes stayed low. The second year you shrug your shoulders and say "Well, That is within 10% of what I figured."