This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.

Closing Date Prorations in Illinois

In Illinois, closing date prorations for real estate taxes are calculated using the last ascertainable tax bill, not an estimated future amount. The governing rule, found at 35 ILCS 200/21-15, treats taxes as having been paid in arrears, meaning the seller credits the buyer at closing for the portion of the prior year’s bill that covers the seller’s period of ownership. The customary method uses the most recent available tax bill as the sole basis for proration. A verified figure of 0% applies to any adjustment for potential increases or refunds. The worked example below demonstrates the calculation. For an estimate based on specific property details, use the calculator at the official source: https://www.chicagoclosings.com/across-illinois-real-estate-taxes-paid-arrears/.

Governing authority

In Illinois, the closing date prorations rule is set by 35 ILCS 200/21-15; customary 'last ascertainable tax bill' proration. The verified packet cites 35 ILCS 200/21-15; customary 'last ascertainable tax bill' proration (https://www.chicagoclosings.com/across-illinois-real-estate-taxes-paid-arrears/).

Illinois closing date prorations: the verified value is 0% under 35 ILCS 200/21-15; customary 'last ascertainable tax bill' proration. The verified packet cites 35 ILCS 200/21-15; customary 'last ascertainable tax bill' proration (https://www.chicagoclosings.com/across-illinois-real-estate-taxes-paid-arrears/).

Estimate your own result: every situation has exceptions that can change the outcome. Use the closing date prorations calculator to estimate your specific figure.

This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.