Real Estate Transfer Tax
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.
Use the “Tax Rate Database
” to determine the rate.
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
- Form RLG-14, Order-invoice for Real Estate Transfer Tax Stamps, is the form counties use to purchase the stamps. This form is filed as needed.
- Form PTAX-203, Illinois Real Estate Transfer Declaration, is completed by the buyer and seller and filed at the county in which the property is located. Form PTAX-203-A, Illinois Real Estate Transfer Declaration Supplemental Form A, is used for non-residential property with a sale price over $1 million. Counties should have paper copies of these forms available. You can also file Form PTAX-203 and Form PTAX-203-A on-line. Print these forms upon completion and file them with the county recorder of deeds or registrar of titles.