May 8, 200916 yr I have a question regarding property taxes for anyone who may know….. I bought my first house in July 2008 for under market value. My realtor told me that my first tax bill would be based on the sale price I bought the house at. I recently received my first tax bill, for 2008 taxes, and on the bill my taxes were based on the assessed value of the home. So assuming she was correct, should my 2008 bill be based on the sale price of the house? Just looking for a little knowledge before I start making phone calls. Thanks for your help in advance. Go Sox!!!
May 8, 200916 yr QUOTE (Downtown518 @ May 8, 2009 -> 12:39 PM) I have a question regarding property taxes for anyone who may know….. I bought my first house in July 2008 for under market value. My realtor told me that my first tax bill would be based on the sale price I bought the house at. I recently received my first tax bill, for 2008 taxes, and on the bill my taxes were based on the assessed value of the home. So assuming she was correct, should my 2008 bill be based on the sale price of the house? Just looking for a little knowledge before I start making phone calls. Thanks for your help in advance. Go Sox!!! I could be wrong but sale value has nothing to do with property taxes it is assessed value. When they reassess your home you may see a change. You should appeal your taxes and state the decreased value at which you bought it and why it was lower (ie the house was trashed).
May 8, 200916 yr QUOTE (Jenks Heat @ May 8, 2009 -> 12:44 PM) I could be wrong but sale value has nothing to do with property taxes it is assessed value. When they reassess your home you may see a change. You should appeal your taxes and state the decreased value at which you bought it and why it was lower (ie the house was trashed). Correct, the assessed value is what they use, and that may or may not be the same as what you bought it at. Issue here is, it depends where you are. In the City of Chicago and Cook County, its goofy as well, and not easily predictable. Suburbs are different, counties are different, states are different. So where are you located?
May 8, 200916 yr Author QUOTE (NorthSideSox72 @ May 8, 2009 -> 12:46 PM) Correct, the assessed value is what they use, and that may or may not be the same as what you bought it at. Issue here is, it depends where you are. In the City of Chicago and Cook County, its goofy as well, and not easily predictable. Suburbs are different, counties are different, states are different. So where are you located? I'm in Montgomery, Kane county. The way she explained it at the time was that the house would be reassessed at the purchase price, however I could have misunderstood and have not been able to reach her to ask.
May 8, 200916 yr QUOTE (Downtown518 @ May 8, 2009 -> 12:39 PM) I have a question regarding property taxes for anyone who may know….. I bought my first house in July 2008 for under market value. My realtor told me that my first tax bill would be based on the sale price I bought the house at. I recently received my first tax bill, for 2008 taxes, and on the bill my taxes were based on the assessed value of the home. So assuming she was correct, should my 2008 bill be based on the sale price of the house? Just looking for a little knowledge before I start making phone calls. Thanks for your help in advance. Go Sox!!! Its the assessed value unfortunately, but there are exception programs or you could hire a lawyer to decrease the cost. I hired a lawyer for my entire building and my taxes went down a couple of thousand bucks.
May 8, 200916 yr QUOTE (RockRaines @ May 8, 2009 -> 01:44 PM) Its the assessed value unfortunately, but there are exception programs or you could hire a lawyer to decrease the cost. I hired a lawyer for my entire building and my taxes went down a couple of thousand bucks. I thought you were a lawyer.......or maybe just play one on Soxtalk.
May 8, 200916 yr QUOTE (Jenks Heat @ May 8, 2009 -> 02:20 PM) I thought you were a lawyer.......or maybe just play one on Soxtalk. Nope, wrong guy. I sell software.
May 8, 200916 yr QUOTE (RockRaines @ May 8, 2009 -> 02:33 PM) Nope, wrong guy. I sell software. You sell your own software or resell?
May 8, 200916 yr QUOTE (Y2HH @ May 8, 2009 -> 02:35 PM) You sell your own software or resell? OUR own. I work for a software company, so I sell directly from the source, and not the stuff that you find on a home PC. Think more like the stuff that assures you are you when you log into Chase Bank online.
May 8, 200916 yr QUOTE (RockRaines @ May 8, 2009 -> 02:33 PM) Nope, wrong guy. I sell software. Do you have Hogs of War for Windows XP?
May 8, 200916 yr You can get your taxes reassessed. From their website: http://www.co.kane.il.us/soa/FAQs.htm My assessment is too high, what can I do? Contact your township assessor first, then you may file a real estate complaint with our office and a hearing will be scheduled with the Board of Review. You have until September 10th or 30 days from the date of publication in order to file a complaint with our office. http://www.co.kane.il.us/soa/assessorphone.htm How to figure assessed value from market value? Take the sale price and multiply by .3333 which equals the estimated assessed value. For more information contact our office.
May 8, 200916 yr QUOTE (Leonard Zelig @ May 8, 2009 -> 03:06 PM) Do you have Hogs of War for Windows XP? If I have something, its 100k+
May 8, 200916 yr QUOTE (RockRaines @ May 8, 2009 -> 03:45 PM) If I have something, its 100k+ Well, it is out of print, but I think I can find it cheaper.
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