Property taxes are one of the most misunderstood parts of selling a home in Illinois. After 23 years as a real estate professional and as Broker Owner at Helen Oliveri Real Estate, I make sure Mundelein sellers understand how property taxes are handled so there are no surprises at closing. In Lake County IL real estate 2025, property tax prorations play a major role in your final numbers.
With over 3000+ homes sold and 311 Google 5-star reviews, I have guided sellers through this process thousands of times. While the concept is simple, the details matter.
How Property Taxes Are Handled at Closing
In Illinois, property taxes are paid in arrears. That means you are paying for the time you owned the home, even though the tax bill is issued later. At closing, sellers typically credit the buyer for their portion of the current tax year.
In Mundelein, this credit is calculated through the day of closing using the most recent tax bill, often with an agreed upon estimate if the current bill is not yet available.
I often tell sellers, “You are not paying extra taxes. You are paying your share.”
What Affects Your Tax Proration
Your closing date
The later in the year you close, the larger your tax credit may be because more of the year has passed.
Changes in assessed value
If your property taxes recently increased or decreased, estimates may be adjusted to reflect that change.
Appeals or exemptions
If you filed a tax appeal or have exemptions, documentation should be shared early to ensure accuracy.
How Pricing and Timing Connect to Taxes
Understanding property taxes helps sellers plan net proceeds more accurately. Pricing strategy influences timelines, which in turn affects how much tax is prorated. Sellers often review this resource when planning their sale:
https://helenoliveri.com/your-guide-to-pricing/
Preparation also supports smoother closings, especially when documentation is organized early. This guide is one I frequently recommend:
https://helenoliveri.com/preparing-your-home-for-a-hot-market/
Planning Ahead Reduces Surprises
As a 23 year veteran real estate agent, I help Mundelein sellers review estimated net proceeds well before closing. If you are also buying in Lake County IL 2025, understanding tax responsibilities on your sale helps you plan confidently for your next purchase.
Helen Oliveri real estate focuses on transparency, preparation, and helping sellers move forward without last minute confusion.
Helen Oliveri
Broker Owner | Helen Oliveri Real Estate
23 year veteran real estate agent
Over 3000+ homes sold | 311 Google 5-star reviews
Contact Helen Oliveri at Helen Oliveri Real Estate | (847) 401-0136 | www.helenoliverirealestate.com/ for a FREE 2025 Market Strategy Session