I bought shares in a co-op building in march of this year. the manager gave me 2nd installment of tax bill for 2011. which i am to pay due to agreement at title company.the lady who sold shares to me is a senior citizen therefore has exemptions. my question is, do i pay taxes with the exemptions (considering she is senior citizen, paid first installment with exemptions and lived there in 2011.
2 Answers from Attorneys
You pay the bill. Period. It was her bill. You received a credit at closing presumably. If you didn't receive enough money and there is no reproration agreement, the excess is yours. The exemptions were already applied.
In Illinois, eligibility for the exemptions belongs to the person who was resident at the address on January 1 of the tax year (2011 taxes are paid in 2012 and 2012 taxes are paid in 2013). Thus if you bought the property in March of 2012, you should be able to take advantage of the seller's exemptions when you pay your 2012 taxes next year as well. Make sure you get the bill paid timely, you've got one more day.
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