HOW MUCH WILL MY CLOSING COSTS BE?
November 2, 2018I THINK MY PROPERTY IS OVER ASSESSED AND THEREFORE I DO NOT WANT TO GIVE THE FULL TAX PRORATION, WHAT CAN I DO?
November 2, 2018In Illinois, real estate taxes are paid in arrears, meaning this year, you are paying for last year’s taxes. As such, at the closing, you must give the buyer a tax credit for the period you owned the home. This is usually prorated at either 105% or 110% because we assume that taxes will increase.
