At least for homeowners in counties other than Cook perhaps. We have heard for a couple of years since prices started falling that local assessors were excluding short sales and foreclosures from their assessments in order to keep revenue up. Hardly fair considering the homeowner is being hit hard if they try to sell or refinance due to the lower prices. I have also started to see taxes on listings that are now way out of whack with current sale prices, many times a 1/3 or more higher that what used to be ‘average’. The Illinois Association of Realtors helped pass a bill to help make the assessments more fair. Watch the video.
Better IL Property Tax Assessments On the Way?
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