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Why are sale and property taxes regressive taxes?

How are Chicago property taxes adjusted after a short sale?

  • We are looking at buying a properly through a short sale in Chicago and are curious about how the City of Chicago might adjust property taxes after the sale. Will the city consider the sales price of a home by short sale to be a true market valuation and base the tax upon that value or will the city still rely upon a previous market valuation? I want to know if I can use the new sales price to reduce the property taxes once I own the home.

  • Answer:

    Taxes change yearly because the tax rate changes yearly. The assessed value is what changes every 3 years. And no, they won't take the short sale price into consideration. You are not going to get taxes (or your assessed value) reduced on the basis that it is unfair or that you are getting screwed. The only way you get taxes reduced in Cook County is to prove that you are getting MORE screwed than your neighbors in the same township, in a house of same age, of similar square footage.

Eudora Welty at Yahoo! Answers Visit the source

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Other answers

Property taxes are NOT set by purchase price but by market value or comps to other properties. You need to speak to the Tax Assessor and ask just which formula they use. Your tax will stay at what current owner pays or increase.

Ariaread

They aren't. Property taxes are determined at 3 year intervals. They don't change in bewteen regardless. Actual sale value doesn't affect peperty tax value all that much.

Pascal the Gambler

Yes, the actual sales price will be taken into consideration at the next triennial To do something immediately, you would need to file an appeal

chatsplas

Sales prices are never used for property tax assessments. They use the appraised value of both the land and the house.

Ryan M

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