Property Tax question

[Anonymous]

Hi everybody,

I found a home, went under contract, and did my bank application yesterday!  I am purchasing in Cook County, IL.  The current homeowner receives a senior exemption on her property taxes, which means she gets a discount.  I can see what she pays on the assessor's website, but I can't see how much her property taxes would be without the exemptions.  How will the bank calculate the property taxes?  Will it be based on her current payment or is it a way for them to see how much the taxes are without the exemptions?  

TIA

[Anonymous]

anythingspossible09,

Call the Recorder Of Deeds office 311.  They will give you the info on how it will get reassesed with the regular taxes.  But you can also ask for the taxes of your neighbors and that would give you a ball park figure. You can also go on the web site cityofchicago.org for more help.  I would start with 311 first.

[BrianB_The_Loan_Professor]

This is also part of what the title company does for you during the process

It may not be the quick answer you are looking for

Good Luck

Brian

[Anonymous]

Thanks Gigi & Brian--thats exactly the answer I was looking for!