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It’s vital to understand how much your property taxes are going to cost before you purchase a property. If complications with your taxes arise after you have purchased your property, a real estate attorney can help you address any legal issues and find a resolution.
Property tax is a tax assessed on real estate by the local government. The tax is based on the value of the property (including the land) that you own. This tax is mainly used by municipalities for repairing local roads, building schools and other similar services that help maintain the community.
Property tax is an annual local tax on real or personal property based on a tax rate. The value of the property is typically established by an Assessor, who is a county official. Whenever you are buying a piece of property, it’s absolutely critical to take into consideration how much property tax will be associated with the property that you are about to purchase.
At times, individuals will fail to calculate property tax into their budget, thus failing to properly evaluate their ability to afford a home or investment property. It is highly recommended to have the property you are about to purchase fully assessed before the contract is finalized, this way you can ensure that you can afford the property taxes.
On the other hand, if you were caught unprepared for any reason and a property tax dispute arises, it’s essential to retain the services of a real estate attorney if you want to protect your interest in your home or property. An attorney will have full knowledge of the implications you are facing, as well as any applicable resolutions that can help you avoid serious ramifications associated with failing to pay your property taxes.
Keep in mind that property taxes should always be figured into the final cost of purchasing a home. Being prepared and knowing how these taxes will affect your bottom line is critical to selecting a home you can comfortably afford. When you are calculating the loan, any possible mortgage insurance, and interest, be sure to calculate your property tax liability at the same time. The amount of money you have to pay in property taxes might ultimately be a deal breaker when you buy a house and they should be considered in your budget.
If you are contending with a property tax issue and you believe you would benefit from legal advice, a Chicago real estate lawyer who specializes in real estate law will be your best bet. With a thorough knowledge of real estate law, your attorney can help you decide if a purchase is within your budget, and they can assist you with any property tax disputes you may encounter. Having a legal professional on your side will be the best insurance you can have in any real estate matter.