Tax adjustments after sale (Chicago area)
Hi, Chicago-area investors,
As I move closer to buying my first multifamily, one thing I haven't been able to learn much about is property taxes. Specifically, how are they adjusted after a sale on the open market? My experience with SFR in other places has been that the county appraisal immediately jumps up to roughly the transaction price. Which seems fair enough, unless every nearby property that didn't transact is appraised for much less.
Looking at some of these properties, the Cook Co. books have them at half (or even less) what they would sell for today. I've chatted with a few brokers about this, but not gotten satisfying answers. That's reasonable since they a) are not tax experts, and b) have a vested interest in the sale.
I've reached out to the atty who handles our residential appeals but hoping to hear from investors who've been through this, especially with multifamily.
Thanks,
Allen