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Home Buying in 60403 : Real Estate Advice

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Activity 4
Sun Jan 18, 2015
Bob Brandt answered:
Unless there is a special clause or agreement about it in the contract or at closing, it is yours.
It is important to check and make sure you get all the real estate tax exemptions that are allowed each year. There are many. Some people get several. ... more
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Fri Jul 18, 2014
Suzanne MacDowell answered:
There will be an adjustment on the settlement statement so that both you and the buyer will pay the property taxes, on a per diem basis, for the time you actually owned the house.
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Tue Nov 15, 2011
Debi Shapiro answered:
The most important thing to remember is that when the next tax bill comes in May of 2012, the money to pay those taxes are coming from the money you received at closing.

If you escrow your taxes with your lender then this amount gets deposited into that account for future tax payments because we always pay in arrears in Will County - in 2012 we pay 2011 taxes. Because you didn't live in the home in 2011, the taxes are being covered by the prior owner and given to you as a credit so you can pay them when they are due.

IF you do not escrow your taxes, then this amount just reduces the amount you need to bring to closing, but you will have to come up with the money to pay the taxes when they are due in 2012.

IF you do not escrow your taxes, you will need to pay for last years taxes on your own so it is always best to save this money in a separate account or escrow it so you don't use it on other things and then be shocked when the first tax bill comes out.
... more
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