What is the transfer tax in Illinois?

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. On top of that, certain counties impose an additional 25 cents for every $500 thus adding another $150 on the sale of the same $300,000 home.

Are there transfer taxes in Illinois?

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.

What is the transfer tax in Aurora Colorado?

In Colorado, the transfer tax is known as a documentary fee, and it's usually paid by buyers, but this isn't set in stone. It currently costs 2 cents for every $100 of the home's sale price. That means for a listing worth $300,000, the buyer must pay a $60 fee.

What is the transfer tax on real estate in Illinois?

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.

What is the transfer tax in Chicago real estate?

What is the Chicago real estate transfer tax rate? There are two parts to the Chicago real estate transfer tax: the seller's bill and the buyer's bill. The buyer has a tax rate of $3.75 per $500 of the transfer price, while the seller has a tax rate of $1.50 per $500 of the transfer price.

Who pays transfer tax in Aurora IL?

TRANSFER TAXES ARE ASSESSED WHEN A PROPERTY IS TRANSFERRED/SOLD. Most municipalities in Illinois with transfer taxes charge a set amount per $1,000 of the sales price. For example, in Aurora, sellers must pay $3 for every $1,ooo in a transaction.

Does Aurora IL have transfer stamps?

There is a $30 exempt stamp fee. The stamp may be picked up in person at City Hall, or you may mail the required forms, payment and a self-addressed postage-paid envelope for us to return.

Who pays state transfer tax in Illinois?

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.

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Q: What is the transfer tax in Illinois?

Illinois&#039; transfer tax rate is $0.50 for every $500 of the home&#039;s value, which is generally paid by the seller. That means the sale of a $300,000 home will merit a $300 tax. On top of that, certain counties impose an additional 25 cents for every $500 thus adding another $150 on the sale of the same $300,000 home.

Finance Department. 44 East Downer Place. Aurora Illinois 60507-2067. 630 256-3570 FAX 630 256-3569 REAL ESTATE TRANSFER TAX DECLARATION For City of Aurora Use Only SEE REVERSE SIDE FOR INSTRUCTIONS DATE STAMP NO ISSUED BY IMPACT FEE APPLIES Y/N PROPERTY INFORMATION SCHOOL DISTRICT 1 ADDRESS OF PROPERTY 2 PERMANENT PROPERTY INDEX NO.

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