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Transfer Tax Real Estate Summary In Illinois

In Illinois, Municipalities can levy a transfer tax on a buyer and/or a seller.  A transfer occurs when a piece of real estate is sold and/or transferred.  Don’t be mislead; a transfer tax is in its very essence a sales tax on the purchase of real estate.

In Chicago, the transfer tax is 0.75% of the purchase price for the buyer.   That means the buyer pays a 0.75% sales tax when they buy a home in Chicago.  For example, if a buyer purchases a new home for $100,000, his or her closing costs will include a $750 sales tax.  Be advised that the seller will also pay a transfer tax as well.

Every City, Town, Village or other municipality has a transfer tax, to determine when your transfer tax will be, please visit the Transfer Tax Summary.  This is a PDF document that is a great resource for realtors, buyers, sellers and anyone interested in the local transfer tax.  Email my office at info@nelsonlawoffice.com to request a copy.

If you are considering the sale of your home and need an attorney, please email my office for a free quote on legal services.

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