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INFORMATION
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REAL ESTATE TAXES
AND YOUR CLOSING
You bought a house in
Illinois, and you just received
a real estate tax bill.
The bill says it is for last year’s taxes.
You did not own the house all of last year.
Do you have to pay this bill?
Yes.
Why?
Illinois
real estate taxes are billed a year behind.
The real estate tax bills that come this year
are actually for last year’s taxes.
The payment for this year’s taxes will not be
due until next year.
When
you buy a house, the seller is responsible for paying the real estate
taxes through the date of closing.
However, the bill for those taxes will not be
issued until the next year.
Those taxes cannot be paid until the
following year when the bills come from the County, long after the
closing.
When
a sale is closed, the taxes for the current year have not even been
billed.
Those taxes will not be due until next year,
and it is too soon to pay them.
Of course you would not rely on the seller to
pay them next year after he no longer owns the property.
Instead, your contract provides for you
receive money to pay the taxes for the time the seller owned the property.
This comes to the buyer in the form of a
credit on the closing statement, reducing the amount of money the buyer
must pay at closing.
This
process is used in the vast majority of home closings.
However, it can be varied by the terms of the
sale contract.
Before signing a contract, it is important to
consult an attorney experienced in real estate matters who can assure that
the proper terms are included.
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Forest, Peotone, Phoenix, Rich Township, Richton Park, Robbins, Sauk
Village, South Chicago Heights, South Holland, Steger, Thornton, Tinley
Park, University Park, West Frankfort, Wheaton, Wilmington, Worth.
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