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Updated over 7 years ago on . Most recent reply

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11
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Brandon S.
  • Naperville, IL
1
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11
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Analyzing Brookfield, IL duplexes/Multifamily , High Taxes!

Brandon S.
  • Naperville, IL
Posted

I am looking to house hack my first investment property by buying a multifamily, financing with an FHA loan and eventually moving on to the next one after a year.

I have found that when looking at properties on the MLS, the property taxes end up being higher than the expected 2% of purchase price (which is the property tax rate for Brookfield, IL according to SmartAsset.com). I am not sure what to believe. Are the taxes high because the previous purchase price was considerably higher? or is my tax rate way off?

Also, I recently pulled back on putting in an offer on a property because I found out that since the property was on a 75ft lot as opposed to a 50 ft lot. This caused it to have two tax pin numbers, which accounted for the higher taxes. I'm assuming that since it has a bigger yard, you pay for it in taxes?

Is anyone out there in the Brookfield, Riverside, Lyons, La Grange area familiar with how property taxes work in this area and how I can better account for them in my analysis? I'd greatly appreciate the help.

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