What is a PTAX 203?

Illinois Real Estate. Transfer Declaration. Please read the instructions before completing this form. This form can be completed electronically at tax.illinois.gov/retd.

What is the real estate transfer tax in Illinois?

$0.50 per $500
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.

Who is exempt from Illinois transfer tax?

The Illinois state and county exemptions for transfer taxes are as follows: 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. 35 ILCS 200/31-45(a).

How much is Cook County transfer tax?

Tax Rate: $5.25 per $500.00 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property. In general, The Buyer is responsible for $3.75 and the Seller is responsible for $1.50.

How do I transfer property to a trust in Illinois?

Mechanism of Transfer Real estate is transferred through the execution of the appropriate deed transferring the real estate property to the Trust. You or your attorney must then record the deed with the Recorder of Deeds for your county.

Who pays transfer tax in Illinois?

sellers
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.

Do I have to pay taxes on the sale of my house in Illinois?

Illinois residents are often surprised to learn that they have to pay tax to sell their house.

How much does a home title transfer cost in Illinois?

In Illinois, you may be faced with state and county transfer taxes, depending on where you live. The state’s transfer tax is set at a rate of $0.50 per $500 of property value. On top of that, you could pay an additional tax of $0.25 per $500 for county transfer taxes.

Who pays transfer taxes in Illinois the buyer or the seller?

Who pays transfer tax in 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.

How do I transfer ownership of a house in Illinois?

In Illinois, the real estate transfer process usually involves four steps:

  1. Locate the most recent deed to the property.
  2. Create the new deed.
  3. Sign and notarize the new deed.
  4. Record the deed in the Illinois land records.