How would you like a McHenry County real estate tax bill on your home for $17,068.71? And that's just for one-half of the year's bill?
Yesterday I was out for a motorcycle ride and took the "scenic route" from Marengo to Woodstock. Passing through Union, I continued east on Coral Road and wound around until it ended at Seeman Road. There is a huge house on that corner; I mean, huge!
$17,068.71 due June 11, 2012. (That's the first half of the tax bill.)
School District 158 will rake in $21,811.04 for the year.
The house and property are assessed at $493,107, but a Fair Cash Value is not given on the tax notice. Usually that is three times the Assessed Valuation. In today's market? I doubt it.
Who is going to buy a house with a $34,000/year tax bill???
You never know who is interested…
3 months ago
5 comments:
Yeah -
When you can see it from space an' all! LOL!
When I was an appraiser, we used to derisively call these either "mausoleums", or "monuments to me".
If you do the quick math as an appraiser would, the tax bill's right on the money - about 2% of an expected FMV of about $1.5M - at least at the-then market realities of 2008.
Probably actually worth just under $900k in this market.
So, $34,000/$900,000 = 3.8%. Higher, if the current value of the house is less than $900,000.
That tax bill will pull the selling price down even more. The taxes are $2,833/month - every month.
Yep - an increase in taxes against "value" of anywhere from 50% - 100%. The market is dropping so quickly, you can't get any more accurate than that.
The other issue on foreclosures is that "the market" KNOWS these foreclosures are out there, and "the market" KNOWS these properties will eventually sell for pennies on the dollar at all pricing levels.
The problem is that after expending a year or two in actually foreclosing, the banks continue to sit on them for another year or so before actually placing them on the market, forcing ALL prices lower or holding them lower artificially that whole time.
Rather than ripping off the band-aid, they're peeling it off a millimeter at a time.
I wonder if a heliport on the property increases the tax bill.
Or where is the pool?
Unless that's indoors in that giant southern wing behind the 6-car garage wing?
It looks to me that my humble abode would fit in the entry foyer alone, with room to spare!
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