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Posts Tagged ‘property’

Property Tax By States

Question: Does Illinois law allow discounted Property Taxes on rental properties?

Hello experts,
I am considering moving out of my house and renting it out so I can buy another place. A friend told me he had heard there is legislation in my state (Illinois) that allows a real estate owner to decrease their Property Taxes by 30% on a rental property if they have the renter officially pay a portion of the taxes themselves.
Has anyone else heard of anything like this?

Thanks so much for your help,
-CF

Answer: If a renter pays the Property Taxes for long enough they will sue to be owners by adverse possession.

States Witholding Tax Refunds And No More Private Property