Property Tax on first residence
Hello again BP,
I'm looking at a duplex in a suburb of Chicago as both my primary residence and my first home, live in one unit while I rent out the other. I'm looking at an FHA loan to get this going because I don't have the full 20% to put down. I'm looking at the taxes for this building and they're high, higher than most in the area, over 7k /year vs. about 4.5k to 5k.
My question is being this will be a primary residence and not just an investment property, also being my first home, is there any of that that factors into the taxes paid? Do you pay more for taxes if it's soley an investment property? I'd like to go a little deeper into the property but at 7k / year, the rent I'd be collecting doesn't seem it'd be sufficient to make a deal here.