closing

Illinois Real Estate Transfer Tax

Illinois taxes the privilege of transferring title under 35 ILCS 200/Article 31: the state at $0.50 per $500 or fraction, counties at $0.25 per $500, and home rule municipalities may add their own. Chicago adds $3.75 per $500 generally paid by the buyer and a CTA portion of $1.50 per $500 generally paid by the seller. By custom the seller pays state and county tax, and a PTAX-203 transfer declaration is filed. An existing mortgage the buyer takes subject to is excluded.