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$3.00 for every $1,000
- Submit a State of Illinois Real Estate Transfer Declaration (PTAX-203) form. Pay for the transfer stamp. The tax is $3.00 for every $1,000 of value or fraction thereof.
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The Illinois Real Estate Transfer Tax Law, 35 ILCS 200/31-10 provides that the tax is imposed “on the privilege of transferring a beneficial interest in real property located in Illinois...”
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Sep 7, 2021 · MyDec at MyTax Illinois allows users to search for Illinois Real Estate Transfer Declarations (Forms PTAX-203, PTAX 203-A, PTAX 203-B), as well as Cook County and City of Chicago Real Estate Transfer Declarations, if applicable, without logging in to a MyDec account.
TRANSFER TAXES Illinois is a great place to live. But local elected officials have found a way to make it more expensive to stay in the state’s communities by levying transfer taxes on real estate sales. WHAT’S A REAL ESTATE TRANSFER TAX? Home Rule municipalities may impose a tax on buyers and sellers of real estate.
Per Illinois law (35 ILCS 200/31-10), the state imposes a tax rate of $0.50 for every fraction of $500 (or $1 for every $1,000) in the property’s final sale value. The tax rates are calculated based on the transfer price and do not include title or closing costs.
- No, you cannot deduct transfer taxes in Illinois.
- Yes, you are still required to pay transfer taxes when you sell a second home.
- Yes, transfer taxes are not based on the profit or loss of a home but on its fair market value.
- If you use a 1031 exchange, the minimum period of ownership is two years.
- In most cases, the seller is liable, but parties can often negotiate. Some cities also have their own transfer taxes which are paid by the seller,...
- Yes, as long as you follow 1031 exchange rules for like-kind properties.
Fill-in Forms for Non-MyDec Counties. The tax is imposed on the privilege of transferring title to real estate or a beneficial interest in real property that is the subject of a land trust in Illinois as represented by documents (deed or trust agreement) filed for recordation.
Apr 25, 2024 · At the state level, Illinois imposes a transfer tax on the sale of real estate. In addition to this, counties can levy their own transfer tax; Cook County, for example, has its own tax for properties changing hands within its borders. Chicago also imposes its own transfer tax.
Jul 12, 2024 · At the state level, Illinois imposes a transfer tax on the sale of real estate. In addition to this, counties can levy their own transfer tax; Cook County, for example, has its own tax for properties changing hands within its borders. Chicago also imposes its own transfer tax.
