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.

 

 

 

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 Karen Winters  |  Karen Winters, Chicago Realtor
980 N Michigan Avenue, 9th Floor  |  Chicago, IL  60611
Office: 312-268-2753  |  kwinters@rubloff.com

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2 Comments on Who Pays The Property Transfer Tax In Chicago, IL?

JAN
04
2011
3 Featured Posts

Goodness, I do hope other parts of the country do not start to charge all these extra taxes!!!
10:13pm • #1
JAN
05
2011
498,639 Points 150 Featured Posts Outside Blog Hit Router Called Shot Master

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
1:46pm • #2


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Karen Winters - Chicago, IL

Chicagoland Condos and Homes

Chicago, IL

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Prudential Rubloff Properties

Address: South Loop, West Loop, River North, New East Side, Bronzeville and Hyde Park, Chicago, IL

Office Phone: (312) 268-2753

Cell Phone: (312) 725-4498

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