• (1 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

Reducing High Taxes? Is it Possible?

Hello fellow Colleagues, I was hoping to get some insight from you all.  I have a Luxury Estate Home on 4.75 acres listed for $1,450,000.00 at 23w561 Hemlock Ln Naperville Il 60505, MLS id # 07219437. The property was appraised 5/1/2009 for $2.1 Million. Home needs minor updating $350-$450k then would be close to $2.8 Million. Homes in the area are $3-6Million. The seller wants out today. The home is priced at a steal for $1,450,000.00.  The home was listed in 2006 for $3,200,000.00. We all know what direction the real estate market was heading at this time. The taxes on the home are $41,000.00. Not to mention the special assessment of $4400 per year for the nest 20 years for bringing public water into the subdivision. (Still on septic). My concern is that know the home will sell for somewhere around $1.2-1.4 million and the taxes being $44,000.00 per year. The buyers in this price range are going to be very concerned with the current taxes. This is NOT a Short Sale or Foreclosure!. Does anyone know of stories like this? Has anyone ever heard of taxes being reduced because of a sale price being so low?  Any insight you could all give would be great! Thanks Dan Firks