Whether you’re in the market to buy or sell a home, Illinois taxes are going to affect you. We want you to be informed about just how that will happen, so we’ve got some advice for buyers and sellers today.

For buyers searching for homes online, you’ll see tax numbers on different properties when you search for them, but don’t take those figures too seriously. Those aren’t the taxes you’re going to pay as a buyer. There are a lot of different things that come into play. Those numbers could reflect a 30-year-old home with a senior tax freeze worth about $300,000 with the taxes sitting at about $1,500. Rest assured, those taxes are going to go up to around $7,000 once it’s purchased by another buyer.

As a seller, it’s important to remember that taxes are paid in arrears. Right now, you may have just paid your taxes, but you paid them for last year. When you sell your house, you’ll have to pay its taxes up until the day you leave the property. Get ready to pay about a full year’s worth of taxes on top of all your closing costs.

These are two things that every buyer or seller should be aware of in Illinois. If you have any other questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.