Melrose Park, IL · Member since 2017 · 1 post · 0 votes
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.
Real Estate Investor · Sauk Village, IL · Member since 2015 · 78 posts · 30 votes
9y
Interesting topic... I'm almost positive that it wouldn't increase due to an LLC owning the house but it probably will trigger the re-assessment when changing titles. If you're doing this to try and hide what you own, once its in your name it can always be tracked back to you...