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In general, The Buyer is responsible for $3.75 and the Seller is responsible for $1.50. Exemptions, Deductions and Credits: The exemptions allowed are: Transfers of real property acquired by or from a governmental body and certain transfers by or from certain non-profit organizations.

Sellers have to pay $0.25 per $500 to Cook County and $0.50 per $500 to the state. This is a tax rate of 0.05% and 0.10% respectively. The total transfer taxes the seller is expected to pay at closing is 0.45% of the home sale when you factor in the 0.30% tax rate for Chicago.

In Chicago, both buyers and sellers must pay a transfer tax. In addition to the municipal transfer tax, each county in Illinois assesses a transfer tax at the rate of 50 cents per thousand dollars of the sale price. TRANSFER TAXES ARE ASSESSED WHEN A PROPERTY IS TRANSFERRED/SOLD.

Illinois capital gains tax rates are the same as the state tax, which is a flat rate of 4.95% regardless of income or filing status. Let's explore when capital gains taxes apply and how to correctly account for them in your Illinois tax return.

The state of Illinois has a transfer tax that is typically paid by sellers at a rate of $0.50 per $500, or $500 per $100,000 of property value. In addition, counties may apply an additional tax of $0.25 per $500. There's no way around paying transfer taxes, but you can cut costs by working with a company like Clever.

Overview of Illinois Real Estate Transfer Tax State real estate transfer tax are imposed at a rate of $0.50 per $500 of value stated in the Transfer Tax Return. County real estate transfer tax are imposed at a rate of $0.25 per $500 of value stated in the Transfer Tax Return.

When you sell a property in Illinois, you will have a state transfer tax of $0.50 per $500 of the sales price. Every county in Illinois also charges you $0.25 for every $500 of the sale price sales price. Some villages will also charge you. 80% of the time, these transfer taxes are paid by the seller.

The Illinois Real Estate Transfer Tax Law imposes a tax on the privilege of transferring a title to real estate or a beneficial interest in real property located within Illinois. By state statute, the Lake County Clerk is required to collect the tax at the time of recording.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232