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Real Estate Transfer Tax

Statutory Reference

Definition

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.

Tax Rate

Use the “Tax Rate Database” to determine the rate.

Local Taxes

Counties may impose a tax of 25 cents per $500 of value on real estate transactions. Home rule municipalities may also impose an additional real estate transfer tax.

Form/Filing & Payment Requirements

Counties Individuals