How are mytaxes calculated on new homes? $290k/purchace price / mortgage in Will county Illinois. Bolingbrook

Answer 1

Illinois uses a market value based approach. An assessor/appraiser will visit the property to determine fair market value of the house. Your purchase price will be irrelevant to the figure derived, since you may have overpaid, or better yet, gotten a real deal on the property.

Once market value is determined, the property will be assessed at 33-1/3% of the fair market value, and then taxes levied according to the needs of local and state budgets.