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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.
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.
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.
If you want to transfer real estate in Illinois to a relative or a friend, you might consider doing this yourself by using a quitclaim deed. A quitclaim deed in Illinois is often used to transfer property between close family members or trusted friends.
The Real Estate Transfer Tax is the responsibility of the buyer.
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You may file up to 4 exemptions. These may include: homeowner residents, senior citizens, veterans, disabled veterans, those with disabilities, and home improvements. The remaining value (called the Adjusted Equalized Assessed Value) is multiplied by your local tax rate.
Wheaton real estate transfer tax stamps are $2.50 for every $1,000 of value or fraction thereof of the full sale price or actual consideration. The buyer (or grantee) is required to purchase a real estate transfer tax stamp.
Instead, it taxes all capital gains as ordinary income, using the same rates and brackets as the regular state income tax. Illinois is one of the states with a flat income tax rate. In the case of Illinois, no matter the amount of taxable ordinary income, the state tax rate will always be 4.95%.

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