October 31, 2008 – With Halloween at hand you naturally think of frightening things, and what’s more scary to most adults than high taxes, namely property taxes? Motor Row Lofts can officially chase away that fear now because after a long wait the development did qualify for the Illinois Property Tax Assessment Freeze Program. That means that for the next eight years, buyers will have the taxes on their new Chicago condo loft at Motor Row remain at the reduced amount. Also they can qualify for another three years of partial freezes at the development.

This can translate into some big savings over the next decade for buyers, according to the chart on the project website. Taxes on a $234,900 unit would normally be $4,698. With the freeze, taxes would only be $766 which is a savings of $3,932. For a $659,000 unit, taxes before the freeze would be $13,180 and after would only be $2,075 for a savings of $11,105.

Motor Row Development, the Chicago real estate company behind this project, also just began offering interested buyers $30,000 off in the form of a coupon. There are just over two dozen units left, so if you want to lock in the current discount and the tax freeze, you might want to visit the sales center this weekend for no tricks but treats. You can also check out other Chicago Condo Lofts and compare pricing.

Those of you planning to watch the spire go up on the Trump Tower this weekend are going to have to wait. The Tribune reports that the helicopter lifting of the spire has been delayed for the second time. It had been supposed to go up last weekend, was then postponed until this weekend and now is rescheduled hopefully for November 15th and 16th. The city is concerned about the safety of the operation and some issues will have to be resolved before they allow the spire to be lifted and set.

[tags]Trump Tower, Chicago condos, Chicago real estate[/tags]

This entry was posted on Friday, October 31st, 2008 at 2:03 pm and is filed under Uncategorized.