ILLINOIS property taxes and closing estimate help

[Anonymous]

Hoping someone could help explain how Illinois property taxes work when you purchase a home there? Relocating from out of state.
I have just read that property taxes are paid a year behind? Just trying to wrap my mind around how that works at closing and what I’m paying and for what year as a buyer?

My closing estimate shows at closing we should pay:
Prepaids:
Property taxes 6mos @ $2,050.00
And then Escrow:
For 2 months @$683.00

Thanks for any help we really appreciate it!!

[Anonymous]

We just received the bill for 2018 taxes, to be paid in 2 equal installments due June and September. If you are the seller, you are responsible for those 2018 taxes, plus prorated whatever months of 2019 it is (its estimated to the day).
If you are the buyer, I believe that you are responsible for the rest of 2019 taxes (they estimate this to the day as well).
I'm pretty sure this is also what's part of your estimated escrow account for closing.

Hope this helps!

[Anonymous]

IL taxes are paid in arrears. So in 2019 you are paying 2018 taxes. The seller should comp you for any taxes in arrears (taxes owed while they owned the property) this money will go into your escrow account if you get a mortgage or directly to you if you are buying with cash.