So you bought a lot for $1 under the city of Chicago's Large Lots program. Expect your bills to go up a lot more than that measly sum.
According to an article by Steven Vance, the city of Chicago has sold 1,245 vacant lots through its Large Lots program, which offers vacant lots for sale to nearby property owners for $1.
The property tax bill has come for 536 of those large lots owners, and Vance is able to analyze the extra costs of owning a $1 lot.
Vance sums up the costs in terms of property taxes for owning a large lot:
For the 2017 property tax year, the average property tax bill across the 536 lots was $0.19 per square foot. The average tax bill was $780.32. The average lot size is approximately 4,012 square feet.
Vance provides a lot more detail on the spectrum of property taxes paid by large lot owners. It's also important to note that the extra expenses don't end at the larger property tax bill. Additional costs can accrue from "mowing grass, clearing weeds, installing a fence if the lot isn’t adjacent to the owner’s house, and, in some cases, insurance."
Read the full story: How much are Large Lot owners paying in property taxes?
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