Putting Property in LLC Raise Property Taxes?
Hello, I am considering taking properties out of my name and having an attorney transfer them into an LLC. However, I remember reading something that when you transfer into an LLC, you risk the property taxes rising due to the property being owned by a business.
I also heard about re-assessment triggering when transferring properties.
Also if the above is true, has anyone experienced the issue and what was the percentage of the property tax increase?
Properties are in Cook County IL.
Trying to get further insight on this issue before I make a decision and outweigh the potential cost basis, whether it would be worth it.