Estimating Property Taxes on Rehabbed Properties in Cook County

[Faraz Tariq]

Hi all –

Looking for some recommendations on how you are estimating future property taxes on rehabbed properties. I have a client I am working with who is interested solely in purchasing recently rehabbed SFH as a primary.

For example, one home we are reviewing is in Elmwood Park and slated for reassessment in 2022. It was purchased in May of 2020 for $175K and it is now listed for $490K.

The 2nd installment of 2019 indicates the Property Value at $248,460.

After reviewing the detail that goes into the AV calculation, it explicitly states that property condition and interior features (i.e. amenities) are excluded. 

What safe assumptions (if any) can I make for what the 2022 FMV and AV will be? This particular renovation did not alter sq footage and was just a gut rehab.

[John Warren]

@Faraz Tariq good to see your name pop back up! I can forward you an article I wrote on this topic that explains it step by step.