Note: Here is a re-hash of a post I did about a year ago…something to keep in mind!!
Here is the link to the actual Senate Bill 3334.
FINALLY!! Senate Bill 3334 (SB3334) is effective 7/16/2010. It amends the Illinois Property Tax Code to require that foreclosures and short sales be taken into account in reviewing and correcting property tax assessments. That is HUGE news for homeowners! I would suggest that everyone in Naperville, Plainfeld, Oswego or any Chicago suburbs dispute your property tax assessments now that we can include foreclosures and short sales.
Just last year (2009) I disputed my taxes with Kendall County. I save about $900 per year, but I WAS NOT able to include Foreclosures or Short Sales. I can only imagine how much I will be able to dispute this year.
Please take a minute to review the video below from the Illinois Association of Realtors! It is very informative!!
Rich and Karen Ayers are licensed Real Estate Brokers in Illinois. We are experienced Brokers who specialize in Residential and Investment real estate in Naperville, Oswego, Plainfield and the surrounding suburbs of Chicago. We also own and manage multiple investment properties and help real estate investors find, buy, fix, rent and sell their investments. We are experienced Short Sale experts and hold the CDPE (Certified Distressed Property Expert and SFR (Short Sale and Foreclosure Resource) Designations. Visit our website at www.AyersTeam.com.
This is definitely good news for homeowners, but don’t you think that each county gov’t will have to simply raise the tax rates so that the total tax revenue remains the same? Otherwise, if they lower everyone’s property value and keep the same tax rate, the county will go bankrupt!
There is definitely a greater tax revenue issue..that is for sure…The State of IL budget deficit for 2011 is projected to be 11.7B dollars ($11,700,000,000 – that is alot of zero’s!). It is a VICIOUS circle…services get cut, funding gets cut, jobs get cut, people lose their homes, house values fall….tax revenues go down,….I wish I had a good solution. In the meantime, I will take my lower tax bill though and work thru the compromises…I’m doing everything I can to keep afloat and may as few taxes as possible, personally.
Rich
http://www.illinois.gov/publicincludes/statehome/gov/pensionreform/documents/Fact%20Sheet%20-%20IL%20State%20Deficit%20Problems.pdf