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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 that 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. Please Click Here
If you are considering the sale of your home and need an attorney, please email my office for a free quote on legal services (include name, telephone, email and any other pertinent information): Click Here
If you are a buyer and want to know how much you may have to pay in sales tax to purchase a home, email your purchase information (address and purchase price): Click Here
In Chicago, the transfer tax is 0.75% of the purchase price for the buyer. That means that 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. Please Click Here
If you are considering the sale of your home and need an attorney, please email my office for a free quote on legal services (include name, telephone, email and any other pertinent information): Click Here
If you are a buyer and want to know how much you may have to pay in sales tax to purchase a home, email your purchase information (address and purchase price): Click Here
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