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What is the Wilmette Transfer Tax

By
Real Estate Agent with @Properties

UPDATED 2019

 

Recently I had been showing homes in Wilmette IL to a couple moving here from out-of-state.  They had chosen Wilmette as the community they wanted to live in because of the good home values, schools, beautiful Gillson beach and park, and convenient transportation.

The husband noticed that there was a recurring notice in all of the listings.  In the remarks section of the Multiple Listing sheet, it said "Buyer pays Wilmette transfer tax."  He thought that sellers were being disingenuous by trying not to pay something they should be.

I explained that no, ALL buyers of homes in Wilmette must pay a transfer tax of $3.00 per $1000 of home price.  The transfer tax was adopted in 1988 and applies only to buyers.  Sellers in Wilmette do not pay a transfer tax.

If you purchase a $700,000 home in Wilmette, you divide 700,000 by 1000 to get 700, then multiply that by $3.00 to end up with $2,100 of tax.

The Village of Wilmette issues the real estate transfer stamps - so either you, your attorney, or your agent What is the Wilmette Transfer Taxneeds to go to the Village office prior to closing.  You will also need to have proof from the sellers that the final water reading was taken and the final water bill paid.  Armed with that information, you can get your stamps which will be affixed to the deed at closing.

The form looks like this Real Estate Transfer Tax Form - but as I said, most attorneys will handle this detail for you.  

For comparison, Lake Forest levies a $4 per $1000 tax on buyers.  Evanston and Highland Park both require sellers to pay a real estate transfer tax of $5 per $1000 of sale price.

In addition, all home sellers in the state of Illinois will pay $1 per $1000 in sale price and all home sellers in Cook County will also pay $.25 per $500 of sale price.

Make sure that when you are buying or selling a home in Wilmette that your agent is local and understands these added fees.

 

While you're here, please see all Wilmette Homes for Sale

 

 

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Margaret Goss is a full-time real estate broker since 1998 working in the North Shore communities of Winnetka, Wilmette, Kenilworth, Glencoe, Northfield, Glenview, and Evanston.

She can be reached at:

Phone:  847-977-6024

Email:  margaret.goss@bairdwarner.com

See her full BIOGRAPHY

 

 

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Winnetka and North Shore Real Estate Broker
Specializing in homes for sale in Winnetka, Wilmette, Kenilworth, Northfield, Glencoe, Glenview, Northbrook, and Evanston.

Comments (4)

Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Interesting Margaret, here it's the exact opposite.  The seller pays the tax, and depending on the county it's either $3 or $3.50 per $1000 of sales price.

Sep 25, 2015 09:28 AM
Margaret Goss
@Properties - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Liz and Bill Spear - I don't think the municipalities care where it comes from as long as they get it!

Sep 25, 2015 09:31 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Looks like they get you coming AND going in Wimette. That's sorta the Chicago way, though, right? My husband is from Chicago. :)

Sep 25, 2015 12:20 PM
Margaret Goss
@Properties - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents - That is indeed the Chicago way - but at least we're spared their shenanigans.

Sep 27, 2015 01:15 AM