Newsflash: [ILLINOIS] How high can taxes jump when buying a house?

When looking at homes on Redfin, the monthly payment and taxes are always some of the first things we look at. Taxes can be ridiculous in Illinois, and the tax bill alone is often a deal breaker.Anyway, we’re looking at a home that last sold in 1991 for $142,000.00. It’s a 2000 square foot 4 bedroom stand alone house, currently on the market for $265,000, and it appears the owner did upgrades such as adding on 2 tier deck in the backyard.Currently the taxes are around $6,000/year with a homestead exemption, and more recently it looks like they also got a senior exemption as well. This would also be our primary home, so we would get the homestead exemption as well ($6000 reduction), though not the senior exemption ($5000 reduction).Considering the home hasn’t sold for so long and there is a senior exemption, I’m concerned that if we buy this house the taxes will raise tremendously. I know the property is appraised as part of the buying process. What can I expect here? What if our offer is accepted, and the house is appraised. Will I know what my taxes will be at that point? What if they go up so high that we want to back out, is that an option? The last thing we’d want is to move in and suddenly have a $9,000 tax bill.Any insight into how this works and what our options are would be greatly appreciated. Thanks.

Read more at https://www.reddit.com/r/RealEstate/comments/6iuynk/illinois_how_high_can_taxes_jump_when_buying_a/?utm_source=ifttt

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