In Chicago Illinois, are Propepty taxes paid annually? Or in another way, if I sold my house today, I am still due to pay second half of 2021 in taxes at my end?

like
Posting as :
works at
You are currently posting as works at

I don’t know how Cook County property taxes are (ie biannually or annually); regardless, you should be giving the buyers a credit against the purchase price at closing for them to cover the second half of 2021 taxes.

If you’ve already paid 2021, then there wouldn’t be any credit at closing so the purchase price would be unchanged by this — the point of the credit would be to offset the cost to Buyers for having to pay 2021 tax when they bought the house in 2022.

Cook county is paid twice per year, and is paid in arrears. So the taxes you pay in 2022 are for when you lived in the home in 2021. So to answer your last question: yes, you would still (essentially) pay the rest of the 2021 taxes at closing if you sold your home today. The October tax bills aren't out yet, thus aren't payable, so you would give a credit to the buyer so that they would pay the bill when it comes due.

Now, you would also likely have to pay an additional estimate in the form of a credit for the time you lived in the home from Jan 1, 2022 through your close date. I've typically seen that calculated by taking the tax rate + 5-10% additional to cover the likely increase in property taxes.

Source: previously owned a home in Cook county, as well as worked in the mortgage dept of a bank who lended in Cook county

My pleasure! No need to be nervous. Between the buyer's lender and the settlement agent (and your attorney, if using), they will get the amount right 😊

like

Related Posts

Seeking reco on used car from hertz. How do i check post sale warranty and ensure good deal in bankruptcy. Carmax has 2k higher price. Budget is 10k which gets me toyata yaris or nissan versa 40k mile

like

180K saving, 180K 401K, 12K HSA, annual salary 120K, a townhouse ($2900 per month) can I raise a kid in Seattle?I am a single mother

like

I want to start investing in rental property/real estate..but I'm totally clueless about all the costs/risks. Any suggestions on good resources likes websites or books you guys uses?

like

3rd year salary bump just kicked in. My direct deposit only went up $400 per paycheck. My taxes went up $1000 per paycheck. Is this right??

like

Question for those living with SO’s:

How much do you each pay in rent (% and $)?

Also, would be helpful to include % of income as well…

like

At what age did you stop worrying about money? My situation is I’m a 26 year old and bring home ~85% of the income between my S/O and I. We have good money management habits (We could always improve) but it still feels like we are stretched thin from a cash perspective. Part of me feels that this is what most people in their 20’s go through and as we get older it will get easier.

like

What will be the take home for this ??

HRA -- 100K
Housing loan -- 200K
80C -- 80K

Post Photo
like

I want to invest with a builder in exchange for profit share on the sale. Is this categorized as an income? Asking because I am on L1 visa and one cannot have a secondary income.

like

Anyone made the transition from NYC to Austin?

I find myself asking why I am in NYC when everything is so damn expensive. Making good money, but limited on savings and quality of life due to the HCOL. Or recs for other cities for that matter.

Planning to invest 60k into a Vanguard ETF for the long term. Any recommendations?

like

If I didn't have student loans, I would probably walk out and quit today.

like

Good idea to take early distribution from IRA to pay off credit card debt? Two different cards with $25k each with rates from 10-14%. Paying off one would free up cash flow of $600 a month.

Balance in IRA is $60k before any possible distribution.

like

When requesting a raise, has an employer ever asked you for the cost of living? As an example- asking you to list out a future mortgage payment if you purchase a home, the cost of health insurance for your family, etc. Seems intrusive and weird. Raises should based on value, not what a mortgage costs…. but maybe it’s common.

like

Does anyone know how city/state income tax works for fully remote positions? Do you get taxed for where the company is based or where you live?

like

Anyone have feedback on doing taxes on your own (turbo tax and etc)? Have used an accountant for years but considering making switch. Have several investment properties as well. Any advice?

like

Hi Fishes,

I have selected below stocks for long term, please suggest?

Duration:10 years

Post Photo
uplifting

Running the numbers, and even if you have med school debt still I think it could still make sense to invest in the market at these low levels. Could provide returns above your interest rate

like

Is there a way to buy amazon shares with your own money on discounted price if your from amazon?

Something like employee share plans ?

Not the rsu!!

like

Best value for Amex point redemption?

like

More Posts

like

Hi Fishes,

I joined Deloitte India recently.
I have few questions, i joined as Manager role and my stack in frontend engineering.

My questions is, will there be any onsite opportunities if i get into projects / account other then from Indian Clients@ ??

like

Does anyone have tips on starting a career at the World Bank? Does anyone know of equally prestigious positions?

like

I've worked as a maid for a long time but am tired of driving to everyone's homes, so I'm thinking of trying out a job as a housekeeper in a hotel. Is there anyone out there who has done both jobs and can tell me a bit about the differences? I would appreciate any advice at all.

like

How much would you pay per hour to have an attorney draft motions and briefs?

The guy who does the solution videos on Target Test Prep has the most hilarious monotone voice

Anyone else feel like the interview questions you prepare for are never the ones that get asked during your interviews?

like

Hello, what is keep warm session in Optum , I have an upcoming session, will they ask me to solve production bug live?😁Just kidding, kindly please let me know.

like

Hey everyone! I’m a pharmacy tech trying to find a higher paying job, I’m moving to San Diego where the cost of living is much higher than I’m from. Any suggestions on how I can make more money and have flexibility in my schedule? I work 2 jobs now to pay the bills -a hospital gig ($23/hr)and retail ($16/hr) with 5 years retail experience and 1 year hospital…I’m even open to a change in careers all together since I’m getting a little burnt out in the same position thanks!!!

like

What's a more lucrative career? IT related job or HCM/WD Consultant?

Looking for a career change and would just love to know that I would be able to move forward with a company in terms of positions & pay.

Thank you!

like

Are there any trademark lawyers or recommendations? Preferably familiar with IL law.

Best value for Amex point redemption?

like

I’m a recent grad working in advertising/ media strategy, but i’m looking to break into product marketing. Any advice or tips on how to jumpstart my career in this field? I have social/ digital marketing experience, but no experience in product

like

What do you think about tactical seasonality with your portfolios?

like

New to SPED as I got my endorsement. How does one teach procedures and routines for mod/severe self contained?

like

Do Nagarro issues ID now to new joiners.

like

If anyone is hiring in Canada please kindly give my partner a chance. The wait, dilemma and uncertainty is taking a very big toll from us.
-He got almost 5 years of project management, bid management and proposal management experience for a construction consultant company.
-He got experience in Primavera, got excellent statistical analysis skill, can use python for constructing ML models,
- He is proficient in RFP,RFI,RFQ for construction projects as he got BSc in Civil Engineering and MBA. 🙏🙏

like

Why does my excel always freeze when I copy a cell?

like

Hi,
I am fresher and started my career one month ago in Java, Spring and Angular with 6lpa.
In future my target is FAANG. So anyone can give me the best strategy to prepare from now so after 1-2 year I am able to clear FAANG interviews.
I have grip on some Ds topics. And clear theoretical concepts of Ds-algo but not good in Coding 🥲mainly in Graph-Tree topics😣 . I started coding on leetcode for do my best in that.

like

Additional Posts in The Real Estate Bowl

Do I have to occupy the house for a conventional loan? Will I get in trouble if not? It’s my first home purchase and I’m considering it as a rental

like

I have over 12 years in B2B sales/sales management experience along with a graduate degree. I am wanting to shift gears and I am at a point where I can invest time in myself to learn through practical experience. The new industry I am wanting to pursue is real estate investment. I have read all the books but want some hands on experience on the property management side. How could I best leverage my skills for a role in this, and what should my expectations be for negotiation in compensation?

What is your margin on the monthly rent of your investment property? What are your top costs?

like

Any good recommendation for tax filing ? I have few rentals that I accounted recently. I am looking for some one good who can file taxes related to real estate investors to get max benefit. I know all tax filers can do it , I am looking for some one specialized and good .

like

I own a home, live there and rent out the other rooms. I have a new roommate who’s been there for almost 3 month and I want to give him 30 days notice to leave. He was recommended through an acquaintance so his 12-month rent contact is based off verbal conversation and text messages, no formal written contract. I’m hoping he leaves peacefully. What should I be worried about?

Please be specific and helpful. Thank you in advance.

like

How do you go about joining a real estate syndicate? And generally how much $$$ do you need to bring into it? Thanks!

like

Do rental properties need to be entered into independence?

like

Hello everyone! Does anyone know of good forums and resources to read on for understanding different cities’ real estate markets?

My SO and I are looking to buy in the next year, and have some friends in multiple cities so we want to consider all of our options.

Currently in DC but would consider DC, Miami, Houston, Denver.

like

Does anyone know if you want to store trucks whether you will need to buy a commercial lot or an industrial lot? ( located in LA)

like

Hi Fishes, I have an offer on a house and my monthly payments would be ~$2100. I’d like to live there 1-2 years and then rent it out (it’s a good location for renting). That said, similar rentals in the area seem to only go for $1600. Does that make it a bad investment if I rent it out? I realize there’s the possibility of refinancing later, and rents tend to increase over time. I’m not in a high appreciating area but expect to at least break even if I sell in a couple years. Thank you!

like

Anyone know if I can buy a property with less than 20% down payment in The DMV area?

like

Planning to buy a home in the next two years in SEATTLE suburbs. I see some price drops. But many good houses are accepting offers within two weeks, they are in the range 1.4m to 2mil. 1.2m houses going super fast. This is making me think if the prices ever come down in Seattle.

like

Has anyone refinanced through Better or Reali? Did you compare loan estimates from the two? How’d they stack up?

like

Thinking about getting into investment/rental properties. I know nothing. What are good resources to educate myself?

like

First time buyer. Sellers agent asking if we can waive appraisal and I’m not sure if that’s a big deal or not. Any prior experiences with this from anyone here ? Please pitch in.

like

Help on type insurance needed when renting out your second home. Anything else I should consider besides insurance?

Thank you in advance! 😊

like

If I’m able to cover 80-85% of the mortgage & HOA on from the rental income, is that considered a good deal?

like

House prices will continue to go up. 1 in 4 sales are now new builds. New builders are finishing up what contracts they have and many are delaying any new sales until much later in the development cycle (house nearly complete). This lets them capture further price increases and gives them confidence to be able to price in all the crazy cost inflations like lumber / labor / other materials. This delay in sales may lead to a several month gap in many sales of new homes. It will be interest to see

like

Went under contract with a buyer for my condo last Saturday (6 days ago). Inspection has already been done, no issues and buyers aren’t asking for any repairs or price adjustment. Last night my realtor emails saying they’re switching lenders to US Bank. The rate stated is the same as their original lender, so unsure why they’re switching as terms are the same. Their realtor claims it won’t impact our closing timeline, but could there be something shady going on?

like