do you pay taxes on the first 3 years after purchase?

Asked by Bella, Glencoe, IL Tue Nov 2, 2010

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7
Ron Thomas, Agent, Fresno, CA
Sun Sep 23, 2012
Two years old, and a ridiculous question to boot!
0 votes
zakwaldmou, Home Buyer, Norridge, IL
Sun Sep 23, 2012
Ok I understand that I start paying property taxes as soon as I close on the house and will be credited any taxes from previous owner. But what about getting property tax deductions at the end of the year? do i get to do that or no? Please help
0 votes
Teri Tuffner, Agent, Evanston, IL
Fri May 18, 2012
Property Taxes become your responsibility (as a new owner) the day that you close. Since the taxes are billed in arrears, the previous owner is responsible for the taxes thru the closing date. This can be handled in a couple of ways. Most often the seller will credit the buyer based on the last year's tax bill. It is typical to ask for prorations at an increased %. Attorneys will handle the calculations and the info will show on your closing statement. Often a mortgage lender will also start an eskrow account that will be credited a portion of your monthly payment so that the lender can pay the bill when it arrives. This makes budgeting a bit easier. That being said, the county is notified when a property sells- so be sure to check that the bill info has been updated. Also every 3 years there is a trienniel review- this is typically the increases are implemented.
Realtors can also provide a brief history via the mls of the tax on a particular property.
0 votes
Aislinn Ryan, , Des Plaines, IL
Tue Nov 2, 2010
Bella- as far as I am aware you do have to pay property taxes from the time you officially own it.(the deed gets transferred to your name at closing). Some sellers are willing to pay the years taxes if they sell late in the year but property taxes are often prorated. Perhaps you are confusing property taxes with some other sort of tax. I know that if you buy a house and then wait 2 years before you sell it, you avoid paying the capital gains tax. New houses also have a tax bill every year so I don't think this applies to new construction either. Sorry that someone gave you this bad information....if you need any help please feel free to call me anytime... for any reason. Stay in touch, Aislinn Ryan, American Realty Network Inc, 847-707-1590
0 votes
Ben Kastein…, Agent, Aurora, IL
Tue Nov 2, 2010
Bella,

If you purchase a home, the date that you close on that property you are generally going to be paying taxes from that date forward barring some strange arrangement you may have had with a builder if applicable. Taxes in Illinois however are paid in arrears which does mean that you will pay taxes for the year prior when your tax bill comes in. Hope this helps!
Web Reference:  http://www.advantageil.com
0 votes
Margaret Goss, Agent, Winnetka, IN
Tue Nov 2, 2010
Yes, you will always pay taxes every year on your property. If you live in Cook County (Glencoe is in Cook County) then your taxes will be reassessed every three years - that may be your confusion.
Web Reference:  http://www.CallMargaret.com
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Tue Nov 2, 2010
Bella - please clarify what specific taxes you are asking about...........if you are asking about property taxes, then, yes, you start paying them as soon as you own the home.
0 votes
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