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What Does Tax Proration Mean for Chicago Buyers and Sellers?



Kevin Mitrick, an attorney with Spain, Spain, & Varnet P.C., focuses primarily on the representation of buyer and sellers in real estate transactions. Today, he joins me to answer the question, “What is a tax proration?”

In Cook County, taxes are billed bi-annually and based off the previous year. The first installment is always 55% of the previous year's full tax bill. When a transaction closes, there will be a period of taxes that have not been paid yet, generally from the day the last bill was issued through the day of closing. At times, that can be a lengthy period. The goal is to come up with a calculation that both the buyer and seller agree with.  


Although that can be difficult, buyers want to maximize the tax credit while sellers want to minimize the tax credit. Generally, the tax credit covers 100% to 110% of the prior year’s bill. That’s the basis for calculating the tax credit.

If you have any questions for Kevin, you can reach him at kmitrick@ssvlegal.com or (312) 788-7684. As always, if you have any real estate questions, give me a call or send me an email. I would be happy to help you!

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Location: Chicago, IL, USA

3 Reasons to List Before the Spring



If you’re thinking about selling this spring, rethink your strategy. There’s a huge advantage to listing your property now before the spring market comes along. Today, we’ll discuss the top three reasons why.


  1. Overall, demand is strong. Although springtime is the busiest selling season of the year, the market still experiences lots of activity during the winter. When you compare this January to last January’s numbers, you’ll see demand is up by 8.4% in the city of Chicago.
  2. There’s less competition now. Inventory is down, and buyers have fewer options to choose from. From a quantitative measure, we’re down by 4.7% in the city of Chicago.
  3. There are fewer transactions. What does this mean for you? It means the closing process will be shorter and quicker, since the local industry professionals are dealing with fewer closings.

If you’re thinking about buying or selling a home in the Chicago area this spring, please reach out to me at your earliest convenience. Let’s take advantage of low inventory and strong demand right away. Call or email me!
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Location: Chicago, IL, USA

I want you to be my next guest!

I'm reaching out to you today with a great opportunity for both of our businesses.
In addition to working full-time in real estate, I also have my own real estate video blog. Each of my posts gets sent out to thousands of my friends, family members, clients, prospects, and more in and around Chicago.
Now, back to this opportunity. I wanted to know if any of you would be interested in appearing on one of my next videos. My viewers are always looking something new and exciting, so I think it would be a great idea to talk to some small business owners about the work they do and why they do it. As an added bonus, it's a chance for you to get your business's name out there to the masses, for absolutely free.
Here's an example of a video I did with my lending partner to give you an idea of the kind of video we can make together:
If you're interested in appearing in an upcoming video of mine, give me a call or send me an email. I look forward to hearing from you!
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Location: Chicago, IL, USA
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