Who Pays The Property Transfer Tax In Chicago, IL?

By
Real Estate Agent with Berkshire Hathaway HomeServices Koenig Rubloff Realty Group
Who Pays The Property Transfer Tax In Chicago, IL?

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:

City*
Buyer pays $7.50 per each
$1,000 of sales price
Seller pays $3.00 per each
$1,000 of sales price

County*
Seller pays $.50 per each
$1,000 of sales price

State*
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.

 

 

 

Posted by

 

Karen Winters, Broker Associate
Berkshire Hathaway HomeServices
Koenig Rubloff

980 N Michigan Avenue, Suite 900 Chicago IL 60611
Email:kwinters@koenigrubloff.com
Office: 312-268-2753
Cell:    312-725-4498


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Rainer
69,968
Christine R. Sutherland
REALTOR - CIPS, TRC, e-Pro
Downing-Frye Realty, Inc - the best in SW Florida

Goodness, I do hope other parts of the country do not start to charge all these extra taxes!!!

January 04, 2011 10:13 PM
Rainmaker
674,813
Gene Mundt
Mortgage Lender - Chicago/Chicagoland Mortgages
www.genemundt.com

Great tutorial here on IL and Chicago taxes, Karen.  Those entering into a sales agreement/contract and Closing need to be aware of these taxes and make preparations accordingly.  Your info certainly helps that effort .. and our making the case for these preparations as a lender. 

Gene

January 05, 2011 01:46 PM
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Rainmaker
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Karen Winters

Buying, selling & living in beautiful Chicago, IL
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