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What is the best way to transfer property title between family members?

The amount of transfer tax you owe will vary depending on where you live in Illinois. Counties and city governments tax real estate transfers at different rates. The taxes owed to the state government have been static, so 50 is owed for every $500 of the sale price.

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.

How to transfer ownership of 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.

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

Self-filing the deed without an attorney is the most economical option for transferring real property title. However, it requires careful attention to detail. The Registers Office wont provide assistance or highlight mistakes in the paperwork.

What deeds are exempt from transfer tax in Illinois?

(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 pays transfer tax in IL?

Generally Responsible: In most Illinois transactions, the sellers normally pays for transfer tax, as they are the ones transferring ownership of the home.

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