REAL ESTATE RESOURCES

May 3, 2019

Taxes may be the last thing on your mind as you advance through the homebuying process. Yet, there are important tax considerations that need to be worked out before you get to the closing table. One of those considerations is property tax proration.

Property tax proration is a way to split property taxes fairly to ensure that each side is paying for the specific time that they were owners of the property. Since Illinois property taxes are paid in arrears, tax proration ensures that the buyer is fairl...

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