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In a Florida revocable trust, the trust holds legal ownership of the property, but the grantor—the person who established the trust—retains control. As the initial trustee and beneficiary, the grantor can continue to live in, manage, sell, or use the property as before, while also keeping the ability to modify or revoke the trust at any time, ensuring full flexibility over the assets.
Illinois property taxes are high largely because the state depends heavily on local property taxes to fund public schools, and it has an unusually large number of local government units that add to overall costs. Additionally, long-standing unfunded pension obligations place extra financial pressure on communities, leading to higher tax rates for homeowners across the state.
In 2024, the median property tax bill rose 16%. By mid-2025, it's already trending higher-driven by delayed reassessments, rising millage rates, and state budget shortfalls. Navigating this environment successfully involves identifying and utilizing available property tax relief programs, exemptions, and appeal processes that together create meaningful savings opportunities and deliver direct financial relief to informed property owners.
In a land contract, the buyer is generally responsible for paying property taxes, since they assume most ownership-like obligations during the payment period. However, the contract can specify a different arrangement, such as having the seller pay the taxes, prorating them between both parties, or sharing other related expenses.

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Update time 10/7/2026