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Property Tax Bills -- What the ISBA Wants You to Know

Question:  What should I know about paying real estate taxes on my new home?Answer:  There is no state law governing property taxes. Instead, property taxes are imposed by local government taxing districts. Homeowners must pay their real estate taxes on time to avoid tax penalties and ensure their property rights are protected. Some owners pay their taxes directly, while others have established an escrow for taxes with their lender. If you choose the latter method, it is a good idea to call the county twice a year to verify that your lender is paying your tax bill. Late tax payments usually accrue interest. Furthermore, if tax bills are not paid in a timely fashion, they can be “sold” by the county, meaning you would probably need to spend time and money to “redeem” the sold tax bills and avoid liens on your property.  For more information about Illinois law, visit www.illinoislawyerfinder.com.  If you have a legal question, send it to illinoislawcolumn@isba.org.Illinois Law Now is a series of newspaper and internet posts prepared by the Illinois State Bar Association that address legal issues of interest to the public. For additional information about the law, visit http://www.illinoislawyerfinder.com/legal-faqs

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