Legal Question in Real Estate Law in Illinois

It is unlikely you have any legal remedies. Generally, your purchase agreement will specify that taxes will be prorated based on the most recently available information. In addition, most remedies are said to merge with the deed. You should ask the attorney who represented you at closing, or have an attorney review your documents for specific advice.

I agree with Attorney Moens. If you had a closing attorney, you should review your questions with the attorney. If you did not have an attorney, it is possible that you are now losing in taxes part of what you thought you saved in legal fees. Hopefully, you will not have additional discoveries.

Very likely, your contract created a formula and each party took the risk as to that formula working out better for one party or the other. Some closing attorneys are beginning to pay more attention to this during the contract formation/review, since taxes that had somewhat stabilized are again increasing. As pointed out by Attorney Moens, regardless, all the contractual issues leading up to the closing are likely to have legally merged into the deed (essentially meaning acceptance of the deed closed out all those issues). The deed itself, almost certainly, states that it is subject to specific taxes (often identified by the year). You can take a look at your owner's title insurance policy, but it is likely that an exception was properly raised for the same taxes. I would note that if you have a mortgage with an escrow, you will probably have the shortfall spread over a one-year period, accompanied by an adjustment to better assure that enough is collected for the following year. Also, check your tax bill to make sure you are receiving all the exemptions to which you may be entitled (such as owner-occupied ("homestead") or senior citizen). Finally, if your association has not considered a review and possible challenge to the assessments for all the unit owners, you should raise the possibility of it doing so.