Hopefully whoever buys this gem doesn't tear it down to build some modern boxy McMansion.
What you don’t realize if you’ve never spent time around those ridiculous properties is the amount of upkeep everything takes if you don’t want the indoors to become gross and dusty and the outdoors a wild jungle.
When you have that kind of surface area, you’re not taking care of all the cleaning and maintenance yourself in a few hours once a week. There are countless gardeners/cleaners/repair workers/etc on the property. Nothing peaceful about it.
And you have to also be okay with the labor dynamics of employing such an army of personnel which in LA is… interesting.
Most of the maintenance is done when the owners is not in residence”.
If there is not inflation and value compressions kicks in, then there are some people who will be ... burdened.
Here, it's just an easy 1%, so the math isn't hard. I'm not sure if other states have highly variable rates on a county-by-county basis, or if other states also tend to have consistent rates within their borders.
The rate on my tax bill is 6.03%. But that's on a "net taxable value" that's about 40% of what I paid for the place 15 years ago, and maybe 25% of what I could get for the place now. So the rate is effectively 2.5% of what I paid, or 1.4% of what I could get. The total tax has also gone up 26% since 2020, increasing by more each year, but I don't know whether they've raised the rate each year or the valuation.
It's probably possible to find out how it works, but there's not much point. It is what it is, so you pay it or leave. No one lives in Illinois for the tax rates.