What effect will Cook Co prop. tax increases have on the Chicago market? - Chicago

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What effect will Cook Co prop. tax increases have on the Chicago market?

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Halloween
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Posts: 2
Registered: 09-01-2009

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Today the Tribune reported http://www.chicagotribune.com/news/local/chi-property-tax-27-oct27,0,3685132.story mostly sharp increases in property taxes. I'm a discerning buyer looking for a $400-$550k home from North Center to Edgewater. Things are already slowing down for the season, so I'm wondering how this will affect inventory and pricing for the next 6 months.

Kudos!

10-27-2009 07:18 AM

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Re: What effect will Cook Co prop. tax increases have on the Chicago market?

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Solara
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Posts: 9
Registered: 10-08-2009

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I have a short sale contract pending on a Cook County property....1st thing my lawyer told me was that property 2008's tax was $11,000....2009 tax (his projection and calculation with his 30 years experience) will be $16,800...

Now...I am hoping the bank will turn down our offer...PLEASE.