Real estate sales in Chicago incur three levels of transfer tax. There are City of Chicago Transfer Taxes, Cook County Transfer Taxes and State of Illinois Transfer Taxes. Property taxes are calculated as follows:
Buyer pays $7.50 per each $1,000 of sales price
Seller pays $3.00 per each $1,000 of sales price
Seller pays $.50 per each $1,000 of sales price
Seller pays $1.00 per each $1,000 of sales price
*Information quoted is current as of January 2011. For the most current property tax information, always consult a professional Realtor, your real estate attorney or a title company.
Tax calculations for suburban municipalities and other Illinois counties differ.
If you or someone you know is planning on buying or selling a Chicago condo or home, please call me at 312-725-4498.