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Updated over 7 years ago, 02/24/2017

User Stats

8
Posts
1
Votes
Peter Maguire
  • Investor
  • Ottawa, Ontario
1
Votes |
8
Posts

Possible issues with paying Property Taxes late?

Peter Maguire
  • Investor
  • Ottawa, Ontario
Posted

I'm in the final stages of a Flip project in Chicago (~3 weeks to completion) and the Property Taxes are due on March 1st. I'm close to maxed out on the rehab budget, and the $1900 for the 1st Instalment of Property Taxes would be a decent hit to my remaining cash/budget. What are the repercussions if I don't pay the taxes by March 1st, and then just have them deducted on the HUD1 at closing (which would hopefully be early May.) Is it possible that I could get into issues that quickly and potentially have a tax lien placed on the property? Or is 2 months late not really a big deal and maybe common? Thanks in advance for any info.

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