Property taxes are one of the most confusing parts of selling a home in Illinois, especially for sellers who have not moved in many years. After 23 years as a real estate professional and as Broker Owner at Helen Oliveri Real Estate, I make sure Buffalo Grove sellers understand exactly how property taxes are handled so there are no surprises at closing. In Lake County IL real estate, tax prorations directly affect your final numbers.
With over 3000+ homes sold and 311 Google 5-star reviews, I have reviewed thousands of settlement statements. While property taxes follow a standard process, understanding the timing is critical.
How Property Taxes Work When You Sell
In Illinois, property taxes are paid in arrears. This means you are paying for the period you owned the home, even though the tax bill is issued later. At closing, sellers credit the buyer for their portion of the current tax year through the day of closing.
In Buffalo Grove, this credit is typically calculated using the most recent tax bill, often with an agreed upon estimate if the current year’s bill has not yet been issued.
I often tell sellers, “You are not paying extra taxes. You are paying your share.”
What Can Affect Your Tax Proration
Closing date
The later in the year you close, the larger your tax credit may be because more of the tax year has passed.
Changes in assessed value
If your property taxes recently increased or decreased, the estimated proration may be adjusted to reflect that change.
Exemptions and appeals
Any exemptions or pending appeals should be disclosed early to ensure accurate calculations.
How Pricing and Timing Connect to Property Taxes
Pricing strategy influences how long your home is on the market, which can affect your tax responsibility. Sellers often review this guide to understand how pricing decisions impact timelines and net proceeds:
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 Buffalo Grove sellers review estimated net proceeds well before closing so taxes are accounted for accurately. If you are also buying in Lake County IL, understanding your tax responsibility on the sale helps you plan your next purchase with confidence.
Helen Oliveri real estate focuses on transparency, preparation, and helping Buffalo Grove 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 Market Strategy Session