Woods Walker wrote:WOW! It is SO different up here. I'm bidding work for almost HALF of what I was turning it away for 6 years ago, and I STILL didn't get many jobs. Contractors here are almost at the point of paying the HOMEOWNER for the privilege of working for them.
And as far as being better off buying....I bought my house 22 years ago, well before the boom. Right now, if I were lucky I could get what I paid for it or maybe a little more, but I've also paid $160,000.00 in property taxes too in that time. When you weigh that it, it's a loser. In this area right now, you can't afford to keep your home, and you can't sell it for anything. Nice.......
And BTW.....my current property tax bill has the place valued for almost 50% MORE than what the current market would bring. And yes, I've tried to get them to change that. They won't. Must be nice to be in a position where you can charge people whatever the hell you like knowing that they have no other choice.
RE: Property Tax - OUCH! In 22 years we have paid less than $22k in property tax on our place. At one time it was bank appraised at $200k but now is appraised at about $160k. For tax purposes it is at $116k, up from the $90k it was appraised at before we did quite a bit of outside work.
I would try again on the reappraisal - our farm was appraised too high, of course anytime something gets bought they try to change to value to the actual purchase cost. It took a trip to a mediator and we were prepared to go to the third round if needed, but we got the appraised value cut by 25%.
Here in KS, by law, properties can only be appraised at fair market value. If the same is true in Illinois, and you can prove the fair market value of your property, they have no alternative but to revalue it - the people at the county may not be willing to do that unless pushed, but in the end they have no option. But I have no clue what the laws are in Illinois, but be assured there are laws in place determining how property taxes are figured. Might be worth investigating what your next steps are if you have only done the first round.
“There are two spiritual dangers in not owning a farm. One is the danger of supposing that breakfast comes from the grocery, and the other that heat comes from the furnace.”