Who Pays The Property Transfer Tax In Chicago, IL?

Real Estate Agent with Berkshire Hathaway HomeServices Koenig Rubloff Realty Group - Chicago, IL
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:

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 your 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 312-268-2753.



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Karen Winters, Broker Associate
Berkshire Hathaway HomeServices
KoenigRubloff Realty Group
1800 N Clybourn, 2nd Fl
Chicago, IL  60614
Office:    312-268-2753
Mobile:  312-725-4498

Email:  kwinters@koenigrubloff.com

Website: ChicagolandCondosandHomes.com

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Christine R. Sutherland
Downing-Frye Realty, Inc - the best in SW Florida - Naples, FL

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

Jan 04, 2011 10:13 PM #1
Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com
NMLS #216987, IL Lic. 0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 37 yrs experience

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. 


Jan 05, 2011 01:46 PM #2
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Karen Winters

Chicago, IL
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