Refund or rebate of real estate taxes. The buyer and seller both pay property taxes, due at closing.Generally, the seller will pay a prorated amount for the time they've lived in the space. Cook County property tax bills are available at cookcountytreasurer. Chances are, they are escrowing for what you "should" owe, but the tax man is billing you for the previous owner's rate. If there is not enough equity, then either the buyer or the seller will have to pay the taxes out of pocket as a closing expense. It is possible for your mortgage company to increase your monthly escrow payment due to an increase in real estate taxes. If the amount deducted from your escrow for taxes does not match your tax bill, call the lender.