For a taxable transfer, Illinois charges 50 cents for each $500 of taxable value, or part of $500. A county can add 25 cents for each $500, and some cities impose their own transfer taxes. Exemptions and the transaction's taxable value can change the amount. The property's actual county and city determine which local taxes apply.
As an example, the state tax alone is $100 on $100,000 of taxable value; with a county tax at that rate, the total is $150 before any city tax. Ask the closing professional to confirm the taxable value, any exemption, and the county and city taxes for this property.
When you sell to us, we pay the closing costs, including the Illinois state, county and city transfer taxes.
That closing-cost promise does not pay your mortgage, liens, back taxes, or your share of current property taxes.