Read the calculation with its assumptions
Start by matching the property identifiers to the interests transferred, including any separately identified parking or other parcel. Identify the tax year and payment status used in the calculation. Ask whether the figure is based on an issued bill, a prior bill, an estimate, or another agreed method. Then read how the contract allocates the obligation and handles any later uncertainty. A familiar local practice is not a substitute for those actual terms.
Compare the calculation with the current official records and flag contradictions for the closing team. An exemption shown for the seller may not describe the buyer's eligibility, and the timing of a bill should not be confused with the period the parties are allocating. Keep a copy of the final calculation and the supporting explanation with the settlement statement. This review does not require predicting the buyer's future taxes or choosing a universal proration rate. It requires understanding the adjustment you are accepting and the process for any unresolved part of it.
- Match parcels and tax years.
- Label issued amounts and estimates.
- Read any later-adjustment process.
This answer belongs to Chicago closing costs and property taxes: build a transparent seller worksheet. Read the guide for the wider transaction context.
Sources and effective dates
Read the original guidance and use the version applicable to your property and transaction. Practical planning suggestions are distinguished from legal or program requirements.
- Cook County Treasurer: Property taxes
Use the property's PIN, actual bill and applicable tax year. Seller bills do not establish the buyer's future liability.
Source checked · Cook County, Illinois - Cook County Assessor: Homeowner Exemption
Use eligibility for the applicable tax year; an exemption reduces taxable value rather than guaranteeing a fixed dollar saving. Co-op applications have a separate process.
Source checked · Cook County, Illinois