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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.

Who pays the Cook County real estate transfer tax?

Who pays the transfer tax in Chicago? Both the buyer and the seller need to pay taxes at the closing appointment when transferring Chicago real estate. The buyer has a flat 0.75% tax rate that goes straight to the city. The seller pays a total of 0.45% in taxes to the city, county, and state.

What is Illinois personal property transfer tax?

Illinois transfer tax rate is $0.50 for every $500 of the homes value, which is generally paid by the seller. That means the sale of a $300,000 home will merit a $300 tax. On top of that, certain counties impose an additional 25 cents for every $500 thus adding another $150 on the sale of the same $300,000 home.

Is there a real estate transfer tax in Illinois?

The tax is imposed on the privilege of transferring title to real estate or a beneficial interest in real property that is the subject of a land trust in Illinois as represented by documents (deed or trust agreement) filed for recordation.

How much does it cost to transfer a deed in Illinois?

The transfer tax rate is $0.50 per $500 of value stated in the Transfer Tax Declaration at the state level, and counties may charge a county transfer tax at $0.25 per $500 of value. Municipalities may also charge a municipal transfer tax if the property is in a municipality that collects a real estate transfer tax.

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How is the Illinois real estate transfer tax liability in Illinois computed?

Illinois transfer tax rate is $0.50 for every $500 of the homes value, which is generally paid by the seller. That means the sale of a $300,000 home will merit a $300 tax. On top of that, certain counties impose an additional 25 cents for every $500 thus adding another $150 on the sale of the same $300,000 home.

How much is the real estate transfer tax in Illinois?

Illinois transfer tax rate is $0.50 for every $500 of the homes value, which is generally paid by the seller. That means the sale of a $300,000 home will merit a $300 tax.

Who is exempt from Illinois transfer tax?

55 ILCS 5/5-1031.1(b). The Illinois state and county exemptions for transfer taxes are as follows: a) Deeds representing real estate transfers made before January 1, 1968, but recorded after that date and trust documents executed before January 1, 1986, but recorded after that date.

Who is exempt from Illinois transfer tax?

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.

What is a Ptax form in Illinois?

State of Illinois Forms PTAX-203, 203-A, and 203-B. City of Chicago Form 7551 Real Property Transfer Tax Declaration. Real Property Transfer Tax Declarations for participating counties.

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