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Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 12554
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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Dear Tina, I am foreigh Investor (EU) and bought house in USA

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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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Customer: 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: 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., Lawyer
Category: Real Estate Law
Satisfied Customers: 12554
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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