On his excellent blog, YourWindyCityGuide.com, @properties agent Bob Darrow offers some tips on how to estimate the property taxes on a unit you buy in new construction. Excerpts:
When you buy a new construction house, townhouse or condo, or maybe in a new condominium conversion of an existing building, you will not know what the property taxes are. You will have to guess. The reason: the tax assessment has not been calculated for the new type of property.
In popular north-side neighborhoods, a rule of thumb will be 2% of the purchase price. Odds are, your bank is going to use the 2% figure to decide whether you can afford your new home. And the bank is going to start using the 2% figure for your tax escrow.
In reality, your tax bills will most likely be lower. In the Lakeview neighborhood, you can expect your taxes to come in at around 1.6% of purchase price. In Lincoln Park, around 1.75% of purchase price.
As in life, however, there are no guarantees.
No comments:
Post a Comment
We commend you for posting your comments on the blog for ChicagoCondosOnline. Whatever your point of view, your comments add to our conversation and to our community.