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Article: Poor housing market can justify tax break.(Homes Plus)
- Article from:
- Daily Herald (Arlington Heights, IL)
- Article date:
- August 16, 2009
CopyrightCOPYRIGHT 2009 Paddock Publications. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Q. There have been numerous foreclosures in our area over the past two years. We have been following what the homes have been sold for after they were foreclosed by the banks and the sales prices are way below what we and most of our neighbors paid over the past 3 to 7 years.
Could we use this information to ask the county to reduce our taxes? Our argument would be that our homes are selling for way less than what the county says they are worth.
A. I can tell you from personal experience the county will attempt to ignore the sales prices of properties that were foreclosed and then resold. The countys argument is that these are not "arms length" ...