Chicago imposes three separate layers of real estate transfer tax — city, county, and state. Combined, buyers and sellers in Chicago pay more in transfer taxes than anywhere else in Illinois. The rates are expressed per $500 of sale price, which makes them less intuitive than percentage rates.
Chicago's $1M threshold adds extra city tax on the ENTIRE amount once crossed — a $1,000,000 sale triggers more tax than a $999,999 sale by more than just $1 worth.
The city tax is split buyer/seller but NOT evenly — buyers pay $3.75/$500 (0.75%) and sellers pay $1.50/$500 (0.30%).
Cook County tax applies to all properties in the county, including Chicago — so Chicago buyers effectively pay both the city AND county tax.
Several Chicago suburbs have their own additional transfer taxes: Evanston (tiered cliff), Oak Park ($8/$1K), Wilmette ($3/$1K), Cicero ($10/$1K), Berwyn ($10/$1K).
Yes. Chicago's Real Property Transfer Tax applies to all residential real estate sales including condos, co-ops, townhouses, and single-family homes.
Certain transfers are exempt: transfers between spouses during a marriage, some foreclosure sales, transfers to government entities, and charitable transfers. First-time homebuyers may qualify for a partial exemption on the city tax — check with your attorney.
Chicago has the highest combined rate in the region. However, some inner suburbs like Evanston have tiered transfer taxes that approach Chicago's rate. Many suburban municipalities outside Cook County have no local transfer tax at all.
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