Everything you should know about your Kane County Tax Bill

Everything you should know about your Kane County Tax Bill

When it comes to issues with local real estate, one of the hardest things for people to understand is the property tax billing process. In Illinois, our property tax bills are billed in arrears. For instance, if you owned property in the year 2016, you will be paying the real estate tax bill for 2016 in 2017. Whenever I am with my clients at the closing table, I understand this is one of the most confusing aspects of the transaction, and I make sure to explain and answer every question regarding the property taxes. When I am reviewing real estate closing statements prepared by other attorneys, the real estate tax proration is the biggest mistake I find. If you do not have an attorney who handles real estate transactions regularly, it can cost you. How does the county figure the value of your property? The Illinois state property tax code requires that your property-assessed value should be about one-third fair market value of the property (based on sales from the previous three years of surrounding properties). What can you do to lower your tax bill? There are a few exemptions that are available if the property is the principal residence of the owner. Available exemptions include: General Homestead Exemption, Senior Citizen Exemption, Senior Citizen Freeze, Home Improvement Exemption, Persons with Disabilities Exemption, Veterans with Disabilities Exemption, and Returning Veterans Exemption. Each exemption has its own qualifications so please visit KaneCountyAssessments.org/exemptions.htm for further information. Need a copy of your tax bill? Visit KaneCountyTreasurer.org How can you pay your tax bill? Most individuals have their tax payments rolled into their mortgage...
How is money disbursed at a real estate closing?

How is money disbursed at a real estate closing?

Two common questions I get from my real estate clients who are selling property are: how and when do I get my money? In Illinois we make sure all parties to the transaction (buyer & seller) are safely covered with title insurance.   Title insurance protects the homebuyer and his lender from the possibility that the seller doesn’t – or previous sellers didn’t – have free and clear ownership of the property and are thus unable to transfer full title ownership to you. In order to obtain title insurance you must have your closing at a title insurance agency office where the policy is provided. The title insurance company has an interest in making sure the closing is handled correctly. Therefore, the title insurance agency conducts the closing. One of the benefits of using the title insurance company is that the title insurance agency acts as the “middle man” for the transaction and collects all of the monies from the buyer and lender. Once all of the money has cleared, the title company then disburses checks to all parties that need to be paid to complete the deal. In most transactions, checks will be given to the real estate agents, real estate attorneys, and the seller’s lender and/or lien holders. Any remaining proceeds are disbursed directly to the...
What does Kane County consider extreme property tax delinquency before the taxes are sold at tax sale?

What does Kane County consider extreme property tax delinquency before the taxes are sold at tax sale?

Properties for which taxes have not been paid are sold by the county at a Tax Sale. Before the sale of any property’s taxes, the County Collector will publish a list of properties for which taxes are overdue and will send notices to those property owners. For the tax year 2014, the unpaid taxes are being sold Friday October 23, 2015. Once the tax sale occurs, contact the Kane County Clerk for tax redemption. Don’t wait until it is too late, contact me today to set up a game plan for your...