real estate closings dupage lake county illinoisHomeowners in DuPage and Lake County are now finding real property tax bills showing up in their mailboxes.  Throughout most of the State of Illinois, with the exception of Cook County, real estate owners usually receive a single tax bill due in two installments.  Normally, the bills are sent out near the very end of April or start of May.  The first installment is usually due on or before June 1 and the second installment is usually due on or before September 1.  Tax bills are paid in arrears, so the bills being received now in 2016 are for ownership of the real property in 2015.  The system outside of Cook County leads to better tax prorations and less risk for buyers since the entire tax bill is known earlier in the year.  For DuPage County and Lake County real estate closings taking place in May and June, there is no guessing at 2015 real estate taxes and the only tax to be “prorated” is the 2016 tax bill (sellers give buyers in Lake and DuPage a credit equal to the actual tax bill for the second installment for 2015 or just pay the bill at closing).  Here’s a sample of what that tax bill looks like:

samptaxbill

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