Transfer Taxes 
There are currently 2 blog entries related to this category.
Chicago Real Estate Transfer Tax
Tuesday, March 13th, 2007 at 8:13pm. 4127 Views, 1 Comments.
My prior post about earnest money was in response to the many "hits" I've received on my website in response to search queries being made. Another popular search question lately has been about real estate transfer taxes.
The state of Illinois has a transfer tax usually paid by sellers of $.50 per every $500.00 of the sales price. The Cook County transfer tax is $.25 per every $500.00 and is paid by the seller. Will County is the same as Cook County and although either party can pay it is usualy charged to the seller. For a list of transfer taxes in all counties click here. These fees are taken care of out of the seller's proceeds at closing.
Some towns also have their own transfer taxes. Some are paid by the buyer, some by the
…Illinois Transfer Tax Increase Proposal
Monday, March 5th, 2007 at 3:48pm. 420 Views, 0 Comments.
The vote to increase real estate transfer taxes in Illinois will be held on Wednesday, March 7th, 2007. It is bill SB 445 and proposes almost a $99,000,000 increase with some of the extra money going towards affordable housing, open space and natural areas.
At first sight, many homeowners might not feel the impact of this proposed bill. The reason is that because the increase changes depending on the sales price of the property as shown below:
- Properties sold $500,000 or under would actually decrease from $1.00 per thousand to $.80 per thousand. For those many property owners falling into this group, they would probably welcome the break. Not much of a break at a savings of $100 for a $500,000 property.
- A property sold at a price over