Six North Michigan's tax freeze, in numbers

Six North Michigan, 6 N Michigan Ave, ChicagoI didn’t have any hard numbers to include with my post on Six North Michigan‘s property tax freeze last weekend, but Patrick Ryan of @properties was kind enough to pass along three examples this afternoon.

According to an e-blast prepared by the Six North Michigan sales team, buyers should save “tens of thousands” over the eight-year freeze by paying taxes per a 2004 assessment until 2017. A one-bedroom that sold for $350,000 would see taxes of approximately $1,080 a year, compared to a $4,400 tax for area competition. A two-bedroom selling for $780,000 would have taxes of about $2,400 instead of $9,800, and a three-bedroom selling for $1.25 million would be taxed $3,847 instead of $15,623.

As I explained on Saturday, homes covered by the Illinois Historic Preservation Agency program have their taxes frozen for eight years at the level of the year in which rehabilitation began. After the eight-year freeze, tax values are brought back to market level over a four-year period.

The 21-story conversion at 6 N Michigan Ave has 900 to 1,253 square-foot one-bedrooms listed from the $320s to the $740s, 1,293 to 3,503 square-foot two-bedrooms listed from the $560s to $1.9 million, and 1,976 to 3,505 square-foot three-bedrooms listed from $1.2 million to $2.1 million.

(Visited 165 times, 1 visits today)