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Dear Tina, I am foreigh Investor (EU) and bought house in USA

(Chicago IL). Since prices are...
Dear Tina, I am foreigh Investor (EU) and bought house in USA (Chicago IL). Since prices are down from values from 5 years ago I would like to file property tax appeal. Are there any recent comparables or public records for property tax estimations? And another question: Am I going to pay higher property tax if/when the house will be leased?
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5/25/2013
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Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
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Experience: I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
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Hello and Welcome to JustAnswer, My name is XXXXX XXXXX my goal is to provided you with Excellent Service, I am sorry that you have been waiting since yesterday. Would you prefer to wait, or would you like an Answer to your question today, Please let me know,

 

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Customer reply replied 4 years ago

Hello Andrea, If you can reply today I would be very happy. If you have other important things than I can wait till tomorrow, Thank you, Matt

Customer reply replied 4 years ago


I almost forgot to tell you: I've just checked Cook county assessor's public records for nearby properties... and property taxes are almost half less what I would have to pay. Should I wait with property rehab in order to get property assessed or is HUD statement enough to verify purchase value and real market value? thank you, Matt

Hi, Matt,


The County Tax Assessor will not go by the HUD statement, he will reassess your property by comparing your property to comparable properties around yours, therefore, I would hold off any rehab plans until after the property is reassessed.

In Answer to your second question, property taxes are not increased because it is being rented out. Sometimes, a County might require the owner to pay an annual fee for renting property, so it would be a good idea to check if your County has such a fee for owners who rent their properties so that you do not incur any penalty for not paying the fee,

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Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 12,554
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Andrea, Esq.
Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 12,554
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Experience: I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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