Illinois Property Transfer Forms

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Commonly Asked Questions about Illinois Property Transfer Forms

How do I transfer ownership of a property in Illinois?

You must file either (1) Form PTAX-203 and any required documents with the deed or trust document or (2) an exemption notation on the original deed or trust document at the County Recorders office within the county where the property is located.

What is a PTAX-203 in Illinois?

Real Estate Transfer Declaration PTAX-203-A (PDF) - Form and instructions for Illinois Real Estate Transfer Declaration PTAX-203-A for non-residential property over $1 million and/or as required by Illinois Department of Revenue.

What is the transfer tax on real property in Illinois?

In addition to the municipal transfer tax, each county in Illinois assesses a transfer tax at the rate of 50 cents per thousand dollars of the sale price. TRANSFER TAXES ARE ASSESSED WHEN A PROPERTY IS TRANSFERRED/SOLD.

What deeds are exempt from transfer tax in Illinois?

Three other exemptions apply to transfers made in the financing context: The deed secures a debt or other obligation; The deed releases property that is security for a debt or other obligation; or. The deed is to a lender pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure.

How much does it cost to transfer a house title in Illinois?

In Illinois, property sellers, not home buyers, pay the state and county real estate transfer tax. The state charges sellers $1.00 per $1,000.00 of the propertys sales price. To calculate the Illinois tax, multiply the sales price by 0.10%.

How would you calculate the transfer tax?

To calculate the transfer tax, youll first need to know the tax rate in your state or local municipality, then work the math. You may see the tax expressed as a percentage, or as a dollar amount. For a simple 1% tax, for example, youd multiply the value of the property by 0.01% to find the tax.

How to calculate transfer tax in Illinois?

The state charges sellers $1.00 per $1,000.00 of the propertys sales price. To calculate the Illinois tax, multiply the sales price by 0.10%. All Illinois counties, including Cook, DuPage, Kane, Lake, McHenry, and Will, charge $0.50 per $1,000.00.

Who pays real estate transfer tax in Illinois?

Most of the time, sellers pay. In some communities, buyers are hit with the tax. In Chicago, both buyers and sellers must pay a transfer tax. In addition to the municipal transfer tax, each county in Illinois assesses a transfer tax at the rate of 50 cents per thousand dollars of the sale price.