Property taxes for new constructon in South Barrington?? (Chicago, Naperville: short sales, foreclosures)

[gmui]

Hi,
My family and I are relocating to the Chicago area (working in Lombard) and are considering new constructions in South Barrington, in particular The Woods of South Barrington development. My wife spoke on the phone with the Toll Bros. sales person and they said that property taxes are 2% of purchase price. For their new Signature collection homes which run > $1m, this would mean property taxes of > $20k / year. We've seen slightly older homes listed that are as large and with comparable lots for about the same price but with taxes more like 12-15k. Can anyone describe what property taxes have been like in South Barrington and for that new sub-division? E.g. if we purchase a home for $1m that currently had low taxes $10k, will they eventually move up to 2% of purchase, i.e. $20k? Are the property taxes for those Toll Bros. houses really 20k? We're coming from NY and are used to high taxes (we pay about $24k) but that was one thing we were hoping to save on.

Thanks!
Gary

[gmui]

bump

[GT28107]

Originally Posted by gmui

We're coming from NY and are used to high taxes (we pay about $24k) but that was one thing we were hoping to save on.

HA!!!!!

Not in Crook, I mean Cook, county. Taxes suck here.

[chicago207]

$20K property tax is about right. The rule of thumb of property tax in chicago suburn is $500K home needs to pay $12K in property tax. It is also depends on the school district. When the region has better school, the property tax is also higher.

I live very closed to the woods of south barrington. I am not very impress of its surrounding area since my personal believe it does not worth $1M. There is not good school system and shopping area. If you are willing to spend $1M and going to work in Lombard, you might could looking around Naperville, St. Charless, Geneva. Naperville has best school system in the surburb and its home did not got impact as bad as other surburb during ression.

A lot of new home's property tax rate is @ 2.5%. I have been doing research on the new homes during last year and had spoken with different builders.

[gmui]

Thanks for the great information. My parents live in an older home in Naperville (moved there in '89 when I graduated from high school) so I'm familiar with how well ranked Naperville for both the town and the schools. It seems a little too big for me now - especially the schools (4 different schools with 3-4k students each). I will look more at the surrounding towns - I think 20k in taxes is probably more than I'm willing to go.

Thanks again

[nanannie]

If you are working in Lombard-you have wonderful choices of homes around you, much closer then South Barrington so you dont have to commute so far. Check out Glen Ellyn,Wheaton and Elmhurst along with the other burbs mentioned. You have some wonderful home choices in all those areas. I beleive most of these homes are in DuPage country. And on another note, I live in the Barrington area and the school system IS very good. I assumed the Toll Brothers development was also in this school district so I dont know why the above poster said it wasnt a good one, but I am sure you already checked out the schools. Also, you are not far from ALOT of shopping in South Barrington. Dont understand that statement either.
Good luck with your move.

[middle-aged mom]

Originally Posted by nanannie

And on another note, I live in the Barrington area and the school system IS very good. I assumed the Toll Brothers development was also in this school district so I dont know why the above poster said it wasnt a good one, but I am sure you already checked out the schools. Also, you are not far from ALOT of shopping in South Barrington. Dont understand that statement either.
Good luck with your move.

The Woods is a split sub division. The more so called affordable properties on the southern end feed into district 300. The lion's share of these properties are within the age 55 designated area.

The majority of properties are in District 220. As you said, there is tremendeous shopping/dining opportunities within the area.

Having said all this, I have to agree there are many fine communities substantially closer to the OP's employment than South Barrington.

[nanannie]

Thanks for clearing that up MAM.

[gmui]

Thanks for the info. I grew up in Elmhurst and am familiar with those other towns. We were considering S. Barrington because they generally have bigger lots than the other towns and it's also closer to my wife's cousin who lives in Lake Zurich. I got some other property tax calc info when I emailed the Elmhurst town assessor which I'll post here:

A good way to guesstimate your taxes is to take the purchase price divided by three (that is your assessed value) than you can subtract 6,000(homeowners exemption) from that than you multiple by the tax rate(2008 rate was 4.5853) that gives you your tax bill. Example: purchase price $1,000,000 divided by three =333,330(AV) minus 6,000 = 327330 x 4.5853 =$15,010. This is a good guess. If it is brand new construction we will go to purchase price. If it is an older home and a “good” sale(not foreclosure or short sale…) we will also go to sale. The only variance is the tax rate and that is determined by the taxing bodies(schools, police, fire etc…)

For short sales or foreclosures, they would do a separate re-assessment to calculate assessed value.

Here's also a link to tax rates for Dupage county towns:

http://www.elmhurst.org/DocumentView.aspx?DID=361