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What portion of property taxes is the seller of real estate responsible for upon closing of the property?

For existing homes - Generally, the seller will be responsible for paying any outstanding property tax bills and will provide a credit to the buyer for the time period in which the seller owned the property prior to closing (in accordance with the terms of the real estate contract). Generally, the buyers will be responsible for paying all property tax bills due after the closing date. If required by the buyer’s lender, an escrow may be required for future property tax bills, and the buyer will be required to deposit funds into the escrow at closing.

NOTE: A copy of the last tax bill can be obtained from the County Treasurer's Office.

For new construction - Real estate taxes are paid in accordance with the terms of the real estate contract. Often a real estate tax reproration agreement between the buyer and seller specifies how the real estate taxes will be paid and reprorated between the parties following the receipt of the tax bill for the lot being purchased.

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You may access additional information by searching the entire Illinois Department of Revenue website.

If you have additional inquiries, you may submit them on the Questions, Comments, or Requests form.