Property taxes often create confusion for sellers because they are handled differently in Illinois than in many other states. After more than 23 years as a full-time real estate professional and Broker Owner at Helen Oliveri Real Estate, I’ve found that understanding how property taxes are handled at closing helps Round Lake sellers avoid surprises. In Lake County IL real estate in 2025, property taxes are a normal and predictable part of the closing process when you know what to expect.

With over 3000+ homes sold and 311 Google 5-star reviews, I make sure sellers understand their tax responsibilities well before closing day. Planning ahead allows you to focus on your next move rather than last minute questions.

Before listing, I review estimated tax prorations with sellers as part of their net proceeds. In Illinois, property taxes are paid in arrears, meaning you are paying for time you have already lived in the home. This impacts how credits are calculated at closing. Pricing strategy also affects your net, which is why many sellers review this guide during planning:
https://helenoliveri.com/your-guide-to-pricing/

Key Questions Sellers Ask About Property Taxes

How are property taxes handled at closing?
Sellers credit the buyer for their portion of the current tax year through the closing date. This credit appears on the settlement statement and reduces the seller’s net proceeds. The buyer then pays the tax bill when it comes due.

Why does the tax credit seem high?
Illinois tax bills are often estimated at closing, sometimes with a buffer. This ensures the buyer is covered if taxes increase. I often remind sellers, “This is not an extra tax. It is a timing adjustment.”

Can property tax estimates change after closing?
Yes. Final tax bills may differ from estimates used at closing. This is normal and typically does not require further action from the seller unless otherwise specified in the contract. For broader insight into how local market conditions affect net proceeds, many homeowners reference this article:
https://helenoliveri.com/mastering-the-low-inventory-market/

If you are also planning on buying in Lake County IL, understanding how property taxes affect your net proceeds helps you plan your next purchase more accurately.

Property taxes at closing are not a penalty. They are part of how Illinois handles timing and ownership. When explained clearly, they become just another manageable step in the process.

Contact Helen Oliveri at Helen Oliveri Real Estate | (847) 401-0136 | www.helenoliverirealestate.com/ for a FREE 2025 Market Strategy Session