Real Estate Consultants Forms for Cook
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FAQ
Related Content. A transfer of value (broadly, a gift) made in lifetime or on death that is exempt from inheritance tax. For example, gifts to certain favoured beneficiaries such as a spouses, civil partners and UK charities are exempt transfers.
The Illinois state and county exemptions for transfer taxes are as follows: a) Deeds representing real estate transfers made before January 1, 1968, but recorded after that date and trust documents executed before January 1, 1986, but recorded after that date. 35 ILCS 200/31-45(a).
Overview of Illinois Real Estate Transfer TaxState real estate transfer tax are imposed at a rate of $0.50 per $500 of value stated in the Transfer Tax Return. County real estate transfer tax are imposed at a rate of $0.25 per $500 of value stated in the Transfer Tax Return.
A majority of real estate professionals get into the business because they want a flexible schedule and it's true, in real estate you are your own boss and can arrange your day so that you're able to attend your child's sporting event or be home for the after-school rush. You don't clock in and clock out every day.
Period to Pay: The payment of transfer tax is the responsibility of the seller or transferor and shall be paid within sixty (60) days from the date of execution of the deed of conveyance.
You must file Form PTAX-203, Illinois Real Estate Transfer Declaration, and any required documents at the county recorder's office within the county where the property is located. It is due within three business days after the transfer or at the time of recordation, whichever is earlier.