Legal Question in Real Estate Law in Illinois

Look at the RESPA. Your attorney is prob. right.

Customarily, there is a credit given for taxes accrued before

but billed after closing.

The "RESPA" Statement is also formally known as the "HUD-1". Check line 211 in particular on the buyer side. If there is a $ amount for "County Taxes" that's typically where the "reduction" is stated. Unfortunately, while there are federal guidelines for filling out these forms, it is possible the amount was put in the wrong place. Normally there is an equal reduction on the SELLER's side because it also reduces the proceeds payable to Seller.

First, believe that your attorney is telling you the TRUTH! Second, most real estate contracts have provisions for the parties to pro-rate the real estate property tax obligation. Attorneys negotiate this at the beginning of the contract process. Normally Sellers will provide something over and above the amount of the last known taxbill where a current tax bill is not available at the closing.

I would pay particular attention to the current assessment and corresponding market value as established by the local township Assessor to verify whether the current market value is appropriate given what you paid for the property recently.

Recent purchases can sometimes be used favorably to reduce current assessments by filing an appeal at the local township Assessor's Office, or in your County's Board of Review.