NOTE: The first bill to come out after the closing often is sent to the Seller. (One-half of total year bill.)Ģ) second installment is due in September. All other counties: Generally mail one tax bill per year, usually in May:ġ) first installment is due in June.(Any adjustments for the tax year will be reflected on this bill.) (This is an “estimated” bill equal to 55% of the prior year’s total tax bill.)Ģ) second installment bill is usually mailed in June or July, and is due August 1st. Cook County: Two installments of taxes due per year:ġ) first installment bill is mailed in February, and is due in March.Credits received from a Seller at a closing for taxes will be shown on your settlement statement. Taxes in Illinois are paid in arrears, i.e., one year after they are assessed. If tax bills are not paid in a timely manner, they can also be “sold” by the county, causing you more time and expense to “redeem” the sold tax bills to avoid liens on your property.īuyers of Existing Homes will be responsible for paying all real estate tax bills that come due after the closing date. You should call the county twice each year to verify that your lender is paying your tax bill out of the escrow. Late tax payments generally accrue interest at the rate of 1 ½% per month. If you have established an escrow for taxes with your lender, mail a copy of your tax bill to the lender, and keep a copy for yourself. You need to know how to obtain current real estate tax billing information and when your tax bills will come due so they can be paid in a timely manner so as to avoid tax penalties. Action: How to get the tax information you need to protect your property rights.Determination of Amount: How the amount of your tax bill is determined, depending on your county of residence.Frequency: How often real estate tax bills are issued.

Whether you are buying an existing home or are buying new construction, there are some important things to know about taxes on real property and about real estate tax bills in order to protect your property rights:

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