Both the buyer and seller are required to pay a portion of the City of Chicago Transfer Tax. Use the calculator below to determine your liability based on your estimated sales price.
In most real estate sales in Chicago, a transfer tax or stamp is paid to three different government bodies: the City of Chicago, Cook County and the State of Illinois.
Frequently Asked Questions:
How much are transfer stamps in Chicago?
How much is Cook County real estate transfer tax?
Who pays for the transfer tax?
What is the Cook County transfer tax?
How much is the real estate transfer tax Chicago charges?
How much is Illinois real estate transfer tax?
City of Chicago Transfer Tax
The city of Chicago Transfer Tax (aka: transfer stamps) is split between the seller and buyer, but not equally. The tax applies to almost every real estate sale in the city. There are very few exceptions (non-profits, etc). The buyer’s portion of the tax is called the “City Portion” and the seller’s portion is begrudgingly referred to as the “CTA portion”. Below is a table table that breaks down the seller and buyer portions. skip to table
Cook County Transfer Tax
Chicago is in Cook County and Cook County also has it’s own tax that applies to the majority of real estate sales. Thankfully this tax is much less than the Chicago transfer and it only applies to sellers. skip to table
Illinois Property Transfer Tax
Everyone has their hand out… Like the Cook County transfer tax, the state of Illinois property transfer tax also only applies to sellers. Let’s start with the bad news – It’s twice as much as the Cook County transfer tax. On the other hand (good news) – It’s one third the amount of Chicago Transfer stamps.
|Transfer Taxes (stamps)|
|State of Illinois Transfer Tax:|
|Seller||$1.00 per $1,000|
|Cook County Transfer Tax:|
|Seller||$0.50 per $1,000|
|City of Chicago Transfer Tax:|
|Seller||3.00 per $1,000|
|Buyer||$7.50 per $1,000|
|SELLER||$4.50 per $1,000|
|BUYER||$7.50 per $1,000|
*To learn how to reduce or perhaps eliminate this expense on your next sale or purchase, please contact Ryan.
Transfer Taxes vs. Transfer Stamps – Six of one, half-dozen of the other…
Definition from the Illinois Department of Revenue
The tax is imposed on the privilege of transferring title to real estate or a beneficial interest in real property that is the subject of a land trust in Illinois as represented by documents (deed or trust agreement) filed for recordation. If the property transferred remains subject to an existing mortgage, only the owner’s equity (not the amount of the mortgage outstanding) is included in the base for computing the tax, provided that such a statement appears on the face of the deed or trust agreement.
The recorder of deeds or registrar of titles in each county collects the tax through the sale of revenue stamps which counties purchase from the Department of Revenue. The same stamp may also provide evidence of the payment of a county real estate transfer tax.
More information can also be found at the City of Chicago website
Connect with Ryan