Profile picture for user651619

Question about the property tax

I am living in Lake County,illinois. I am looking to for a house to buy. I have found a house i like.

House build in 2003, and was sold for 250,000
Now it is on sale for 115,000.
TAX is $9200 for that house as per tax year 2010.

My question is, if I buy this house for 115,000 what would be the property tax? does the property tax depends on the price i pay for the house? 

Few houses listed for 300,000 also paying about 8,000 property tax, So i am confused. Can any one help me to understand how this works?
  • August 02 2012 - Round Lake
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Answers (3)

Profile picture for Domenica Koch
In Lake county there is a small window in the fall that you can dispute your taxes. I believe it is in October, when you receive your assessment letter from the township Assessor's office.  It is important that you check into the deadline to dispute your taxes.  

 If you have recently purchased a home or refinanced your home, you will have a closing statement with the amount that you paid, or if you refinanced, you should have the appraisal. I suggest you schedule an appt with the assessors office to see if you can get the fair market value of your home adjusted to reflect either your sale price or the appraised value.

You also want to make sure you are receiving your Homestead Excemption, or your Senior Exemption, whatever the case may be.  

Be more proactive and it may pay off in lowering your property taxes.
  • March 20 2014
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The tax is based on the assessed value from the assessor. The schools etc still need all the same money from that address. The tax should be more or less like similar homes nearby. It is always a good idea to try to lower the assessed valuation after you are the owner.
Make sure that you get the homeowners, senior, senior assessed freeze, disabled, disabled veterans exemptions if you qualify in that tax year that you are the owner.
  • August 02 2012
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Profile picture for Ofe Polack
For the best possible answer contact the assessor's office directly.
  • August 02 2012
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