Who Pays The Property Transfer Tax In Chicago, IL?

By
Real Estate Agent with Berkshire Hathaway HomeServices Koenig Rubloff Realty Group - Chicago, IL
http://actvra.in/4DRd
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 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.

 

 

Posted by

  

 

 

Karen Winters, Broker Associate

BHHS | Berkshire Hathaway HomeServices
KoenigRubloff Realty Group
1800 N Clybourn, 2nd Fl

Chicago, IL  60614

Office:  312-268-2753

 

Cell:     312-725-4498
Email:  kwinters@koenigrubloff.com

 

Join me on Facebook at Facebook.com/ChicagolandCondosandHomes.com

Search the MLS from your phone - text KRGYCY to 87778

 

                                    Karen Winters on Twitter       

                                    
Subscribe to The Chicagoland Condos and Homes Blog  

                                                       or 

                       Subscribe to The Chicagoland Condos and Homes Blog      subscribe by email*   

 *  Hold the control key while you click on the envelope/link. 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Illinois Cook County Chicago
Groups:
Illinois Real Estate
Buyer Information - What Buyers Need to Know in Today's Market
Chicagoland and Northern Illinois Real Estate

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
70,243
Christine R. Sutherland
Downing-Frye Realty, Inc - the best in SW Florida - Naples, FL
REALTOR - CIPS, TRC, e-Pro

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
Rainmaker
830,828
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. 

Gene

Jan 05, 2011 01:46 PM #2
Post a Comment
Spam prevention
Show All Comments
Rainmaker
351,903

Karen Winters

Chicago, IL
How Can I Help You With Your Real Estate Needs?
*
*
*
*
Spam prevention

Additional Information