Who Pays The Property Transfer Tax In Chicago, IL?

By
Real Estate Broker with North Clybourn 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
Prudential Rubloff
980 N. Michigan Avenue, 9th Fl. | Chicago, IL 60611
Office: 312-268-2753|Cell: 312-725-4498
Email
: kwinters@rubloff.com
   | Fax: 312-268-2853 

 

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Topic:
Real Estate Market Trends
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Illinois Cook County Chicago
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Chicagoland and Northern Illinois Real Estate
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Rainer
69,868
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
638,389
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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Karen Winters

Chicagoland Condos and Homes - Chicago, IL
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