- March 28, 2008
- All Illinois Issuing Offices
- City of Chicago Real Estate Transfer Tax
On March 13, 2008, the City of Chicago passed Municipal Code 3-33-020 establishing a new amount to be charged for the sale or transfer of real estate within the city limits. The raised transfer tax is to meet the City of Chicago's obligation toward the Chicago Transit Authority funding plan passed in January. The new ordinance becomes effective on April 1, 2008.
The new ordinance requires a total payment of $10.50/$1,000 on the transfer of real estate within city limits. The Buyer is to pay $7.50/$1,000; the Seller of the real estate is to pay the $3.00/$1,000 as set forth in the Code. Water certifications and Building registration and zoning certifications will still be required prior to recording.
If you have any questions concerning this topic please contact:
Eileen Van Roeyen
Vice President and General Counsel
National Land Title Insurance Company
2800 West Higgins Road, Suite 835
Hoffman Estates, IL 60169
PHONE: (847) 884-2332 TOLL FREE:
(800) 533-6584 Ext. 332
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