Irving Park
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Archive for year: 2021
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Dunning
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Edison Park
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Transfer Taxes: What You Need to Know
If you’re thinking about buying or selling your home, make sure you know about transfer taxes. These taxes are part of your cost when your home is sold and the title goes from one individual (you, the seller) to another individual (the new homebuyer).
The state or city charges transfer taxes to complete a sale and title transfer. Your property’s assessed value and classification determine the total cost of your these taxes.
Chicago follows the Real Property Transfer Tax law. This law states that the transfer tax costs $5.25 per $500 of the transfer price. Three dollars and 50 cents of the $5.25 goes to the city, while the other $1.50 provides financial assistance to the Chicago Transit Authority (CTA). In Chicago, the buyer is responsible for paying $3.75 and the seller is responsible for $1.50.
Certain circumstances may lead to exemptions or credits on transfer taxes. Check out the city’s website to see if you fall into one of these categories.
You will pay these taxes during the closing of the property’s sale, so make sure to figure in the price when buying or selling a home! Make sure to talk to your REALTOR® if you have any questions or concerns about your transfer taxes.
A Monthly, Quarterly & Yearly Home Maintenance Checklist To Keep In Your Back Pocket
Maintaining your home’s value is important for when you potentially sell it in the future, and it can be vital for your personal health and wellness. Don’t feel daunted by this responsibility! Here’s your ultimate yearly home maintenance list for monthly, quarterly and yearly upkeep.
Monthly
- Clean kitchen disposal with diswashing detergent and a combination of salt and ice cubes. Follow these steps!
- Vaccuum out excess lint from the dyer vent. Follow these steps!
- Dust all of your surfaces. Your sinuses will thank you!
- Test the batteries in your fire and carbon monoxide detectors to make sure they’re still working.
- Replace your air filter, or at least check whether it needs to be replaced, each month.
Quarterly
- Descale your coffee maker to remove any build up for a fresh brew. Follow these steps!
- Check the salt levels in your water softener.
- Clear out your gutters to remove and debris left from storms.
- Flush unused toilets and run water through unused sinks to avoid grime build up.
- Clean your windows and screens to keep the sun shining in dirt-free.
Yearly
- Service your air conditioning unit and hire a professional to remove dust and debris from your air ducts.
- Check for termites or bug infestation, especially in the attic or basement.
- Inspect your roof for leaks and damage and hire a professional to fix any issues.
- Check your faucets, toilets and pipes for leaks.
Every 5-10 Years
- Seal cracks in your driveway to make your exterior look better and avoid major safety issues down the road.
- Recaulk bathroom grout or window sealant to prevent mold, help save on energy an more.
- Paint your exterior to cover up external damage that can happen over time.
Download our yearly home maintenance checklist and keep it handy to keep up with your projects.
Five Things Every Homeowner Should Know About Zoning in Chicago
What is zoning and what does it have to do with homeownership? “Zoning is a form of government regulation which determines how private property can be used by owners.”
In a simplified example, zoning means your neighbor cannot turn their condo unit into a public café or a daycare. Zoning might not feel important to you as a homeowner, but the extent of its influence may surprise you!
Here are five quick, must-know facts about zoning.
#1: Common Zoning Categories
Three common categories of zoning districts (also called use districts) are residential, commercial/business and industrial.
Just because you may be in a residential zone, does not mean every type of residential property is included in that district. In the case of residential zones, condominiums or other multi-family units may be specific to their own district and prohibited in others.
Homeowner Pro Tip: Accessory Dwelling Units (ADUs)
#2: Watch Out For Use Restrictions
“Use restrictions” mean that even if a property falls in a specific zone, the actual code can include restrictions that specifically prevent that use. For example, historic designations are a common type of a use restriction.
Are You In A Historic Landmark/District Designation?
If your home falls in a Landmark District, carefully review the guidelines you may need to follow if you are remodeling. From formal municipal reviews to official certificates, there may be processes and extra approvals you must obtain before any work can be done.
A few famous Landmark Districts in Chicago are Old Town Triangle, Black Metropolis-Bronzeville, Printing House Row, Logan Square Boulevards, Old Chicago Water Tower and Pullman.
#3: Other Common Residential Zoning Restrictions
A residential zone includes restrictions that may affect your plans or dreams for your future property. Do not sign any paperwork until you’ve completed all your zoning research!
As stated above, the city of Chicago recently reversed its stance on ADUs which places strict guidelines on whether a homeowner could have “accessory units” or additional living units such as granny flats, a build-out space in the basement of a multi-unit or living space above a garage.
Other key terms to keep an eye out for as far as zoning restrictions go are lot coverage, easements, parking minimums, floor area ratios and lot setbacks.
#4: Where To Look Up Your Zone
You can look up an area’s district at the local municipality or county. Ask for the zoning department! You can also look up the history of Chicago’s historic landmarks on their website.
Curious about how legislation is related to Chicago zoning? Learn more here.
#5: You Can Apply For A “Zoning Variance”
A zoning variance is granted by local governments that can permit you, the property owner, to use your property for something that varies from the official zone.
Follow Chicago’s stated application processes if you would like to apply for a zoning variance. Be advised— speedy turnaround times are not guaranteed! When in doubt, consult with your REALTOR® about how to handle a complex zone.
So You Want To Appeal Your Cook County Property Taxes
Your property taxes are the taxes that you will pay on your home based on its value, including the land. Throughout Cook County, property taxes are determined by the Assessor and the Assessor’s office, who calculate the amount based on current market value.
However, it is possible the characteristics of your home are incorrect on your assessment, or for you to believe your home’s value is more than what it was assessed in your taxes. In these cases, make sure to file a property tax appeal.
If you are unsure of whether or not to file an appeal, Cook County suggests using this rule: “If the property characteristics on this notice are correct and the estimated market value is within 10 percent of what you think your home is worth then it is unlikely that an appeal would change your property’s assessed value enough to significantly affect its property tax bill.”
To Appeal Your Property Taxes, Follow These Steps
- Receive and review your property tax bill. For a calendar of when Cook County appeals are scheduled, click here.
- Prepare your appeal by following these official rules.
- File the appeal, which can be done online here.
- Receive your appeal decision, which will be sent by mail to your home.
What To Know About Appeals
- You only have 30 days to file an appeal once the assessments are mailed to your township. Click here for an appeals calendar.
- Visit the appeals portal online and prepare your information. You will be asked to provide information such as your home’s square footage, provide comparable properties, attach your assessment and photos of your home and more.
- If you’re unsuccessful, remember that you are not out of options. You can appeal once more through the Cook County Board of Review.
- If you miss the timeframe to file an appeal, make sure to do it the following year. Once you have appealed one time, you do not need to do so again unless your home’s characteristics have changed.
Access and download our 2021 infographic with these steps to review and share it with your peers!
