PROPERTY TAX PAYMENT INFORMATION
If you have an escrow transaction, the following information may be important for you.
1. You should contact your escrow officer or title company to find out if the property taxes are open or paid. If there are any steps that are required to take they will be able to guide you.
2. If a current payment (Tax Installment) was not paid then, it MUST NOT be paid directly. Instead, you should prepare a cashier’s check or a money order for the payment amount and payable to the stated county tax collector. This payment should be forwarded to the escrow company at least three (3) business days before delinquency. This will allow escrow to verify the tax payment and prevent delays of up to six (6) weeks and possible double payments.
3. Any installment of a new tax bill can be paid from the proceeds of a sale at the close of escrow. However, there will be at least a 10% penalty if escrow closing is after the delinquency date.
4. If either or both payments cannot be verified but seller claims they were paid, seller will have to provide cancelled checks to prove these payments.
5. If the lender has an impound account, taxes will be paid from the account prior to the delinquency date;. Note that if the loan is paid prior to the tax due date, the lender may apply the tax money they are holding to the payoff amount and not to pay the taxes.
1st Installment (Jul 1 to Dec 31)
2nd Installment (Jan 1 to Jun 30) Fiscal Year July 1: One or both installments deliquent ADD 10% penalty. Jul July 1: Beginning of fiscal year to July 1 of following year.
July 1: Properties with deliquent taxes sold to State.
Aug August (late): Sales numbers assigned for deliquent taxes. Sep September (last week): Tax bills mailed. Oct Nov November 1: First installment due. December 10 to April 10: First installment deliquent ADD 10% penalty. Dec December 10: First installment deliquent. Jan January 1: Lien Date/tax assessment. Feb February 1: 2nd installment due. Mar March 1: Owners to be informed of new values.
March 1: Taxes on unsecured roll due.
April 10 to June 30: One or both installments deliquent ADD 10% penalty + $10.00 cost. Apr
April 10: 2nd installment deliquent.
April 15: Last day to file homeowners, veterans, and senior citizens exemptions.
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Chicago Title - Legends Escrow Division
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