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PTAXStep-byForm PTAX-340 Step-by-Step Instructions Part 1: Applicant Information Type or print the requested information Part 2: Household income for 2012 Income for this exemption means 2012 adjusted.

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How to fill out the Ptaxform online

Completing the Ptaxform online is a straightforward process designed to assist households in claiming their necessary exemptions. This guide will provide you with clear, step-by-step instructions to ensure you fill out the form accurately and efficiently.

Follow the steps to fill out the Ptaxform online successfully.

  1. Press the ‘Get Form’ button to acquire the Ptaxform and open it in your preferred editor.
  2. Begin with Part 1: Applicant Information. Type or print the required details accurately to identify yourself and your household.
  3. Proceed to Part 2: Household Income for 2012. Here, enter the total adjusted gross income for your household including all applicable forms of income such as Social Security, pensions, wages, and any cash public assistance.
  4. For each income source, follow the specific line items carefully. For instance, on Line 1, input the total amount received from Social Security and Supplemental Security Income. Ensure to include any retirement or disability benefits your household gained.
  5. Continue filling out the form by following the same method for all subsequent lines including those for Railroad Retirement benefits, Civil Service benefits, and wages. Calculate totals accurately as instructed for Lines 6 through 10.
  6. Once all income has been reported, add the totals from Lines 1 through 10 in Line 11, then apply any subtractions as specified in Line 12.
  7. Upon calculating your total household income for Line 13, check if this amount exceeds $55,000 to determine your eligibility for the exemption.
  8. Move to Part 3: Affidavit. Carefully read the items and verify their applicability to your situation. Fill in Lines 7 and 8 with the required details.
  9. Finally, sign and date the application/affidavit to confirm its accuracy.
  10. Save your completed form. You can then download, print, or share it as needed. Remember to mail your application to the designated office.

Start completing your Ptaxform online today!

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Real estate taxes vary depending where you live, but the average property tax rate in Illinois was 2.08 percent of a home's assessed value in 2021, ing to the Tax Foundation. The Chicagoland area, including Cook, Will and DuPage counties, pays the highest property taxes statewide.

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.

Although much of your overall tax burden is federal income and capital gains taxes, states set their own rates and terms. 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.

State of Illinois Forms PTAX-203, 203-A, and 203-B. City of Chicago Form 7551 – Real Property Transfer Tax Declaration. Real Property Transfer Tax Declarations for participating counties.

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.

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.

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.

Local Taxes Counties may impose a tax of 25 cents per $500 of value on real estate transactions. Home rule municipalities may also impose an additional real estate transfer tax.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
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
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
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 WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
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