Is there any way for first time home buyers to have their taxes reduced in Illinois?

Question

My husband and I are getting ready to purchase our first home in about six months. The of the houses that we are looking have kinda high taxes. My agent that we've working with told us that if we can find comparisons on the same block, but we really can't? Any suggestions?

Answer 1

Taxes are not typically negotiable. They can be reviewed and very seldomly brought down, but that is not easy. You'd have to look at other homes within the area. You can do that by (the easiest way I can think of) is doing an MLS search on homes for sale in your area, look at what those homes taxes are. If yours is substantially higher than the others, you might have a chance at lowering your property tax, hard to win that battle, but worth a shot.

Answer 2

Don’t count on it. I’ve known plenty of people who have argued their tax assessments, but no one who has ever won. I don’t think you could argue this until you actually owned the house, meaning you’d buy it taking the very likely risk the taxes won’t be reduced.  What I’m saying is that you need to be able to afford the taxes as the are now because your chances of having them reduced is next to none.

Do keep in mind that many lender have you pay taxes as part of your mortgage payment so that amount is spread out through the year.

Answer 3

In my area, taxes are reassessed every 6 years.  You can appeal a tax assessment, but if cannot find comparables in the same block that assist your goals, what basis are you argue as evidence of an assessment adjustment?  

The government is not in the habit of accepting less money.  If they grant anyone some sort of assessment adjustment without the documentation that the assessment is excessive, that opens to gates for everyone to appeal their assessment.   It just isn't going to happen.

I'd strongly suggest you look in a price range that is more affordable for you, there is no point in being house poor.