Closing Property Title Without Paying Taxes In Illinois
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FAQ
Generally Responsible: In most Illinois transactions, the sellers normally pays for transfer tax, as they are the ones transferring ownership of the home.
After delinquent taxes are sold at a tax sale, those sold taxes must be repaid (“redeemed”) in order for the current owner not to lose ownership of the property. The County Clerk's Office administers the redemption process. The County Treasurer's Office collects payments on taxes billed in the current year.
Generally Responsible: In most Illinois transactions, the sellers normally pays for transfer tax, as they are the ones transferring ownership of the home.
The redemption period may range from 6 to 36 months, depending on when the tax certificate was issued, the property type, and whether there is an extension. For tax certificates issued on or after January 1, 2024, most redemption periods are 30 months from the date of the tax sale.
This annual exemption is available for property that is occupied as a residence by a person 65 years of age or older who is liable for paying real estate taxes on the property and is an owner of record of the property or has a legal or equitable interest therein as evidenced by a written instrument, except for a ...
To summarize, the two major tax implications for sellers of Illinois residential real estate are the Federal income tax on "gain" from the sale of the property and the Illinois Real Estate Transfer Tax (including any additional taxes that counties or municipalities have imposed).
... A judicial sale which results in the property going back to the foreclosing bank is exempt from transfer taxes under the Real Estate Transfer Tax Law. 35 ILCS 200/31-45(1) (2017).
So if you're considering buying a property at a tax deed sale make sure you do your due diligence.MoreSo if you're considering buying a property at a tax deed sale make sure you do your due diligence. And check for any outstanding mortgages.
The following transactions are exempt from the transfer tax under 35 ILCS 200/31-45. (a) Deeds representing real estate transfers made before January 1, 1968, but recorded after that date and trust documents executed before January 1, 1986, but recorded after that date.
