FHA loan approved. But high property taxes compared to neighbour?

[Anonymous]

16k about made me choke

[Anonymous]

The property is in IL state. Ofcourse that was a rough estimate yet I'm wondering how much it would finally. Since this closing date already scheduled and my lender passed info to title office, can i now ask the lender what is the exact property tax I would end up paying?

[ShanetheMortgageMan]

In Illinois, the amount of property taxes the lender uses to calculate your monthly payment is usually the most recent amount of property taxes that have been assessed on the property, to the current owner.  To verify the tax amount being used, lenders will ask for a "tax certification" from the title company which will list the total amount of property taxes. 

Then comes reality.  The reality is, your home will be reassessed (either triggered from you buying it, or just an annual assessment that happens each year) and the treasurer will use that assessment to determine how much in property taxes you'll end up having to pay.  A lot of assessors are willing to go over what how their assessment is calculated, and may even go over your specific situation.  Then after you know your assessed value, you can call up the treasury/tax collection department and ask how much the tax is on that assessment figure.