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Articles for ‘Tax’

2012 Du Page County Property Tax Rates

Wednesday, December 11th, 2013 by Sari Levy

A few years back, I wrote an article on calculating property taxes in the various communities of Du Page county.  Thanks to the Du Page county clerk, the updated table below reflects property tax rates for Du Page county communities in 2012.  The towns are listed in order from those with the highest to lowest tax rate.  Oak Brook continues to have the lowest property tax rates (and some of the highest home values) in Du Page county.

It is certainly easier to think about property taxes in terms of % of purchase price.  Most townships will review an appeal of taxes with a recent purchase.  However, the appeal typically lasts only a year until the assessor determines the value according to their method.  Take a look at my previous post for the property tax formula in Du Page county.

1. Glendale Heights 11.4035
2. Hanover Park 10.9595
3. Bartlett 10.1029
4. West Chicago 10.0131
5. Bensenville 9.3340
6. Carol Stream 9.3051
7. Aurora 9.2872
8. Woodridge 9.1027
9. Bolingbrook 9.0120
10. Wayne 8.6775
11. Winfield 8.3995
12. Elk Grove Village 8.2982
13. Lombard 8.2547
14. Addison 8.1764
15. Glen Ellyn 7.8773
16. Villa Park 7.7659
17. Lisle 7.6868
18. Bloomingdale 7.6694
19. Itasca 7.5530
20. Wood Dale 7.4751
21. Roselle 7.4261
22. Warrenville 7.3779
23. Wheaton 7.3580
24. Elmhurst 6.9301
25. Naperville 6.7945
26. Darien 6.7155
27. Westmont 6.6881
28. Clarendon Hills 6.1747
29. Downers Grove 5.8730
30. Oak Brook Terrace 5.8489
31. Hinsdale 5.4654
32. Burr Ridge 5.0382
33. Willowbrook 4.8933
34. Oak Brook 3.5871

Du Page County Property Tax Rates

Thursday, November 3rd, 2011 by Sari Levy

When you are purchasing a home, it is important to understand the economics of the home and property taxes are a huge factor in the equation.  So, just how do you figure out what your taxes will be?

It is not a good idea to simply look at what the current owner is paying because there are many variables.  In Chicago, we typically tell our clients to expect a tax bill at about 1.5% of the purchase price.  In Du Page County, the range is from about 1% in Oak Brook all the way up to nearly 3% in Glendale Heights. Oak Brook is home to many large corporations and of course Oak Brook mall which helps keep property taxes low.

So, how did we come up with the 1-3% range?  Below is the formula used in Du Page County to calculate property tax.

Du Page County Tax Calculation

  1. A home’s fair market value:  $5000,000 – Fair Market Value is defined as the amount a buyer would be willing to pay for the property.
  2. Tax assessor’s adjustment:  $500,000 x 33% = Equalized Asessed Value – In Du Page county, the assessor uses of 1/3 of a homes fair market value in determining DuPage County property taxes.
  3. Equalized assessed value: $165,000  –  This is the adjusted fair market value of your property used for property tax calculation purposes.
  4. Property tax rate: 5% **Rates vary by city as indicated in the table below – 5% used as a simplification for example.
  5. Property tax calculation:  $165,000 x .05  –  Equalized assessed value multiplied by a property tax rate of 5% .
  6. Total property tax :  $8,250

Du Page County Real Estate Property Tax Tablebuy button

Rank City Rate As % of purchase price
16 Addison 6.3238 2.11
4 Aurora 7.9642 2.65
7 Bartlett 7.6127 2.54
9 Bensenville 7.2293 2.41
18 Bloomingdale 6.1882 2.06
8 Bolingbrook 7.4761 2.49
32 Burr Ridge 4.1498 1.38
5 Carol Stream 7.7741 2.59
29 Clarendon Hills 4.9827 1.66
26 Darien 5.5233 1.84
28 Downers Grove 5.0111 1.67
10 Elk Grove Village 7.0656 2.36
27 Elmhurst 5.4604 1.82
15 Glen Ellyn 6.4316 2.14
1 Glendale Heights 8.7689 2.92
2 Hanover Park 8.1067 2.70
31 Hinsdale 4.4090 1.47
22 Itasca 5.9902 2.00
13 Lisle 6.5662 2.19
12 Lombard 6.6908 2.23
24 Naperville 5.8959 1.97
34 Oak Brook 2.9139 0.97
30 Oak Brook Terrace 4.6839 1.56
21 Roselle 5.4484 1.82
20 Villa Park 6.1923 2.06
19 Warrenville 6.1354 2.05
14 Wayne 6.5144 2.17
3 West Chicago 8.0839 2.69
25 Westmont 5.5351 1.85
17 Wheaton 6.1888 2.06
33 Willowbrook 4.0133 1.34
10 Winfield 6.8270 2.28
23 Wood Dale 5.9244 1.97
6 Woodridge 7.6455 2.55

In communities where there are more than one township, the higher of the tax rates is shown in the table above.

Will Short Sales Become Short?

Saturday, February 6th, 2010 by Sari Levy

Seriously though, the government has again ramped up their efforts to help the millions of Americans who are upside down in their mortgage and need to sell for reasons of financial hardship.  Yet another acronym lurks…HAFA which stands for Home Affordable Foreclosure Alternatives Program goes into effect April 5, 2010.  HAFA is designed to simplify and streamline the short sale process/transaction.   While there are 43 pages of guidelines to review, below are some of  the changes that are key to helping streamline the current process of completing a short sale.

  • The banks will now tell the borrower (or borrower’s real estate agent) the net figure required to complete the sale prior to the borrower listing the home.  This is huge, since in the past in most cases borrowers had no idea what amount the bank would accept and the home sat on the market because it was overpriced or the bank took more than a month to respond.
  • The new laws requires banks to fully release borrowers from future liability for the first mortgage debt.  No cash contribution, promissory note, or deficiency judgment is allowed.
  • New forms were created to standardize the process.  With the new forms comes standardization of responses times for each step in the process.
  • HUD now provides financial incentives to get the short sale completed –  $1,500 for borrower  as “relocation assistance”, $1,000 for servicers to cover administrative and processing costs, and up to $1,000 for investors.

Oh, and a nice bonus included in this program is that banks can’t ask the real estate brokers to cut their commission anymore.  That is if the broker is charging 6% or less on the listing agreement.   And ya know, 3% is fair compensation to an agent having to guide a buyer or a seller through the short sale process.

Officially, the program does not take effect until April 5, 2010.  However, banks can start offering this earlier if they meet requirements.  In fact, I’m certain that they are already using the new process because we have more than one client in this situation.  You can learn more about the government programs at MakingHomeAffordable.gov.

Claiming Property Tax on Your 2009 Return? New Requirement….

Monday, December 21st, 2009 by Sari Levy

The State of Illinois has instituted a change to all property owners claiming Property Tax on their 2009 Illinois Tax Return. In order for your return to be accepted by the State of Illinois, those who are claiming a property tax credit must provide, on their return, their Property Index Number (PIN), sometimes called “parcel number”.

This number can be found on the taxpayer’s property tax bill or tax assessment notice. Taxpayers who pay their property taxes through a mortgage may need to contact their lender for a copy of their bill, or obtain the number from their county assessor’s office. If you have trouble locating your PIN, feel free to contact Lucid Realty and we would be glad to help you determine the correct number.

Home Buyer Tax Credit News!

Thursday, October 29th, 2009 by Sari Levy

While the passing of this credit is still to come,according to the Wall Street Journal,  the Senate  reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers.  The terms of the new agreement are as follows:

  • Extend the first time buyer credit worth up to $8k (read about the current program)
  • Offer a new credit of up to $6,500 for existing homeowners given the home buyer has lived in their current residence for 5 out of the last 8 years (consecutively)
  • Raise the qualifying income limits to $125k  for single taxpayers and $250k for joint taxpayers (Current is $75k and $150k)
  • Have sales agreements April 30,2010 and close by June 30, 2010

This isn’t a done deal, this agreement still faces votes in the Senate and the House.  Increasing the duration of this program will certainly continue to help sales of homes under $400k.  Adding the credit to existing homeowners should help stimulate the “trade up” market.

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