Ptax 203a 2025

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The document PTAX-203-A is the Illinois Real Estate Transfer Declaration Supplemental Form A, required for non-residential property sales over $1 million. It must be filed with Form PTAX-203 and the original deed at the County Recorder's office if specific conditions regarding property use and sale price are met. The form collects detailed information about the property, sale duration, occupancy status, buyer's lease agreements, and any personal property transferred. It also includes verification statements for both seller and buyer.

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How do I transfer ownership of a property in Illinois?

Transfer the Title: Execute a deed, transferring ownership from the seller to the buyer. This document must be signed and notarized. Record the Deed: Submit the signed deed to the county recorders office to create an official public record of the ownership change.

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.

What is a PTAX form in Illinois?

County offices and the Illinois Department of Revenue use this form to collect sales data and to determine if a sale can be used in assessment ratio studies. This information is used to compute equalization factors.

How does a quitclaim deed work in Illinois?

Unlike a warranty deed, which assures that the title is free of claims or liens, a quit claim deed simply transfers whatever interest the grantor may have to the grantee. This could mean that the grantor is the rightful owner of the property or it may mean that they have no interest in the property.

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.

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How much is the seller paying for the Illinois state transfer tax?

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%.

Who is subject to Illinois personal property tax replacement income tax?

Corporations pay a 2.5 percent replacement tax on their net Illinois income. Partnerships, trusts, and S corporations pay a 1.5 percent replacement tax on their net Illinois income. Public utilities pay a 0.8 percent tax on invested capital.

Who is exempt from Illinois transfer tax?

The exemptions allowed are: Transfers of real property acquired by or from a governmental body and certain transfers by or from certain non-profit organizations. Transfers in which the instrument secures debt or other obligations.

Ptax 203a 2025

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What is a PTAX 203 in Illinois?

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How much is the seller paying for the Illinois state transfer tax?

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