Property Taxes

1. Weren't my real estate property taxes paid at closing?

   No, probably not.

   In most cases, you were given credit from the Seller at closing to pay the property taxes when due. Please look at your RESPA (the document you took to your accountant for your end of year income taxes). This credit will be on the front page, line in the 200's, and marked "property taxes".

2. When are the real estate taxes due?

   Cook County taxes come out in February and August, twice a year and are due about 30 days after the bills are issued.

3. I just received a real estate tax bill for last year. If I did not own the property last year why should I pay this bill?

   Real Estate property taxes are always paid in arrears (1 year behind).

   If you purchased property this year, Jill M. Metz and Associates made sure you received a credit at closing from the Seller to pay for the next year's taxes.

4. I just purchased a newly constructed condominium and I'm confused about how much property tax I owe.

   There are several ways that property taxes are handled for new construction. If you purchased new construction and are confused, Jill Metz & Associates can help straighten out the confusion for you and your condominium association and make sure you pay only your fair share.

5. I just purchased a condo unit and a parking space. Do I pay taxes on both separately?

   May be. Some parking spaces have a property tax number that is separate and different from your unit number. Make sure that both bills are being paid. If you aren't sure, check with the county by logging on to www.cookcountytreasurer.com or talk to your mortgage company to see if both PIN numbers have been paid.

   This step is very important to ensure all property taxes are being paid.

6. I am paying 1/12 of my property taxes every month to my mortgage company to pay the property taxes when the county issues them. The bank missed the payment. Am I responsible for the late fees?

   While you are responsible to pay the original amount of the property tax, your mortgage company must pay all penalties and/or interest due to a late payment.

7. I am a condominium developer. What do I tell my new unit owners about their property taxes?

   This can vary depending on the number of units you sold and how much reconstruction you did on the property. If it is a newly constructed condominium, the tax situation can vary widely. Jill M. Metz and Associates will help you sort out the details of your situation and provide proper guidance.