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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.

Illinois' transfer tax rate is $0.50 for every $500 of the home's value, which is generally paid by the seller. That means the sale of a $300,000 home will merit a $300 tax.

It is collected at the time of recording and may be paid by the buyer or the seller. Check your sales contract. How much is the transfer tax rate? The rate for the State of Illinois is 50 cents per $500.

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.

The rate is $4.00 per $1,000 of the full actual consideration (purchase price); tax rounded up to the next $5.00 increment. Levied on residential and commercial real estate transactions, the tax is paid by the buyer prior to closing.

Most of the time, sellers pay. In some communities, buyers are hit with the tax. 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.

The only possible exemption for a conveyance between a partnership and the partners is the exemption in state law (sec. 77.25(15m), Wis. Stats.). Since the partners are not related as required by the exemption, a transfer fee is due on the total fair market value of the real estate conveyed.

In a typical real estate transaction, the buyer and seller both pay property taxes, due at closing. Generally, the seller will pay a prorated amount for the time they've lived in the space since the beginning of the new tax year.