Holy Taxes Batman!
August 15th, 2006 by Kenric
Today I received my first tax bill for Condo #1. If you guys remember, Condo #1 was a new construction condo that I bought in 2003 for around $212k. The condo was completed in 2005 and in Illinois taxes are one year in arrears. I was expecting my taxes to be around $2500/yr or 1% of purchase. I was shocked to see that my tax bill was $4,500 for 2005! That is over 2% for real estate taxes! Can this be correct? This is like Texas tax rates! I had budgeted about $200/mo for taxes but now it’s $400/mo. This basically kills most of my cashflow from this rental.
The last house I owned in Illinois was 3 years ago and I was paying $4,000 taxes for a $350,000 house. I guess taxes have crept up in Illinois.
I don’t expect my Arizona new construction taxes to be this high. If they are, I’m going to be in trouble!
Posted in Real Estate | 3 Comments »
Stumble it!
Yeah, not to mention the parking space taxes… lol
By prlinkbiz on Aug 16, 2006
That is over 2% for real estate taxes! Can this be correct? This is like Texas tax rates!
Actually, Texas tax rates (at least in my specific area) are almost 3%! And, unlike a lot of other areas in the country where the tax assessed values are 60-80% FMV, the assessed values here are almost in-line with FMV’s. For example, I paid over $3500 this past January for my investment property that had a FMV of $137000 at the time, or almost 2.6%. One town over, the rates are 2.95%. And let’s not even talk about insurance. :-(
By Steve on Aug 16, 2006
The taxes for my parking space was only $160/yr.
By monarchcrest on Aug 16, 2006