Property Taxes - anyone know how this is calculated?
So, I live in an attached townhouse in Roscoe Village and have been here for 5 years (so not recently sold). Like 1/3 of the city, I was re-assessed last year so my taxes are going up. When this happened, I checked for comps in the area and saw that my assessed value is in line (or even less) than most everything in the area. The other 4 townhouses that are exactly the same as mine were also the same assessed value. So, I couldn't really file much of an appeal.
I get my tax bill a couple of weeks ago and, despite it being 10% higher than last year's, I accepted it and paid it.
Today, because I was bored,
I checked my neighbors on either side of me to see what their property taxes (not assessed values since I knew they were the same) were and found that both of their first installments were several hundred dollars less than mine and that their 2008 taxes were over $1000 less than mine.
So, since we all have the same assessed values with the homeowner's exemptions, how can this happen? I figured it had something to do with the property tax rate but can't understand how three units that are identical can have different tax rates. In fact, one of them was purchased within the last 5 years for significantly more than I paid so, if anything, their taxes should be more than mine.
Any help with insight/advice/recommedations would be greatly appreciated. Thanks!