The Illinois Real Estate Transfer Tax Law imposes a tax on the privilege of transferring a title to real estate or a beneficial interest in real property located within Illinois. By state statute, the Recorder of Deeds is required to collect the tax at the time of recording.
How is Illinois transfer tax calculated?
Transfer taxes are ordinarily assessed as a percentage of either the sale price or the fair market value of the property that’s changing hands. The state of Illinois has a transfer tax that is typically paid by sellers at a rate of $0.50 per $500, or $500 per $100,000 of property value.
How much is real estate transfer tax in Illinois?
Overview of Illinois Real Estate Transfer Tax State real estate transfer tax are imposed at a rate of $0.50 per $500 of value stated in the Transfer Tax Return. County real estate transfer tax are imposed at a rate of $0.25 per $500 of value stated in the Transfer Tax Return.
How far back does a title search go in Illinois?
In Illinois, residential, platted land, requires a 20 year search period. This means that if you are doing a search in 2019, the examiner would have to go back to the last warranty deed between unrelated parties occurring before 1999. For property where there is no prior policy, a full title search is usually required.
How much is the Chicago real property transfer tax?
This supplemental tax shall be referred to as the “CTA portion” of the Chicago Real Property Transfer Tax, and the $3.75 tax shall be referred to as the “City portion.” $5.25 per $500.00 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property.
When do you have to pay Chicago transfer tax?
In addition, a supplemental tax at the rate of $1.50 per $500.00 of the transfer price, or fraction thereof, shall be imposed on transfers taking place on or after April 1, 2008, for the purpose of providing financial assistance to the Chicago Transit Authority (“CTA”).
How does a county collect real estate transfer tax?
The recorder of deeds or registrar of titles in each county collects the tax through the sale of revenue stamps which counties purchase from the Department of Revenue. The same stamp may also provide evidence of the payment of a county real estate transfer tax.
Is there a transfer tax in Cook County?
Cook County Transfer Tax. Chicago is in Cook County and Cook County also has it’s own tax that applies to the majority of real estate sales. Thankfully this tax is much less than the Chicago transfer and it only applies to sellers.
