Saturday, March 11, 2006

Chicago assessments

The Chicago Tribune had a bit here about Chicago property tax assessments that all need to be aware of. The article is somewhat about Mayor Daley's lobbying to get the 7% cap on assessments, which is set to expire this year, extended beyond this year. But the article notes that the citywide median for assessment increases is 41% and in many of "hot" areas of the South Loop the assessment increases are in the 90% range.

How to deal with it in a real estate transaction?

You better be getting a nice proration credit and not be accepting 105 or 110%. Also, obviously the fairest move is simply the reproration agreement route, if the parties don't mind waiting a year to see what the actual taxes will be.


Post a Comment

Links to this post:

Create a Link

<< Home