Illinois Will County Taxes - Is there a limit?

[Carolina E.]

Hi BP!  So I am wondering if there is a limit to how much your real estate tax can go up in a year?  I am going to guess there is no limit, but was just hoping.  I purchases a property and got the taxes lowered by getting it assessed to purchase price.  Now a year later they are raising the assessed value to about double.  I did purchase it at low market price, but it did not need much work.  Any insight?   I know it's probably too late now, but for future reference.  Thanks.

[Bob Floss II]

@Carolina E. Taxes are based on several factors, with the first factor being the property assessed value. You can challenge the taxes again, but it will need to be based off values of similar properties in the area. If you bought the property for cheap, it could be that your house is catching up the what all the other houses are paying.