Property taxes in Illinois?

Question

I know this might sound like a stupid question, but my fiance and I just purchased a condo, and we recently read that property taxes are due this month. (July)

If we just purchased the home in June, are we responsible for the tax payment that is due, or is it only if we actually lived here during the first half of the year?

We're really confused!! : (

(first time homebuyers!)

Thanks so much!

Answer 1

Yes, you have to pay it.  An adjustment for accrued taxes was made on your HUD-1 closing statement to cover the prior owner's tax liability up through the closing date.  You received a credit then for the seller's share of the taxes and must pay the bill in full when it's rendered.

If your mortgage payment includes escrow for property taxes, make sure that your mortgage company got a copy of the bill so that they can pay it on time for you.