ChitownLiving | Chicago Real Estate + Life

True story I’m embarrased to say.   A number of years ago my wife and I owned a townhouse.  We paid our taxes by mortgage escrow.  In other words, of our monthly mortgage payment, a small  amount (or not so small) was deposited in an escrow account.  When the Chicago tax bills came due each year, the mortgage company made the payments for us.  Very convenient.  What I didn’t know however, was that my tax payments were being applied towards my neighbors property two doors down.  This went on for about a year and a half.  How I found out, the tax sale process, and what it took to correct this situation are topics for another post(s).  No, my taxes weren’t sold. So at closings, I always advise my clients to check the Cook County Treasurer site after each tax bill is issued to ensure their taxes have been applied against the proper Property Index Number (PIN).  I sound like a broken record.  Your mortgage paperwork at closing, monthly satement, and property tax bill will reflect this number (note:  new construction is different).