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Real Estate Transfer Tax Calculator | Chicago metro area

Jim Quist Apr 22, 2024 5:00:00 PM
Chicago real estate transfer tax calculator
Real Estate Transfer Tax Calculator | Chicago metro area
4:50

Real estate transfer taxes are fees that the state, counties, and local municipalities charge buyers and sellers when transferring property ownership.

Use our real estate transfer tax calculator to see how much these taxes cost when buying or selling a home in the Chicago metro area.

 

How much are the state and county transfer taxes?

In Illinois, property sellers, not home buyers, pay the state and county real estate transfer tax.  

The state charges sellers $1.00 per $1,000.00 of the property's sales price. To calculate the Illinois tax, multiply the sales price by 0.10%.

All Illinois counties, including Cook, DuPage, Kane, Lake, McHenry, and Will, charge $0.50 per $1,000.00. To calculate the county tax, multiply the property's sales price by 0.05%.

 

Someone selling a condo in Chicago for $500,000 pays $500 to Illinois and $250 to Cook County. 

  •    $500,000 sales price 
  • x 0.10% state tax = $500 Illinois transfer tax   
  • x 0.05% county tax = $250 Cook County transfer tax 

 

How much are city transfer taxes in the Chicago metro area?

Municipal transfer tax rates vary based on several factors, including the property's sale price, location, and whether you're buying or selling. Taxes range from $0.00 to $10.00 per $1,000.00 of the property's sales price.

For example, Wilmette charges buyers a transfer tax, neighboring Evanston collects from sellers, and Chicago taxes buyers and sellers.

In the last section of this article, you'll find a list of the municipal real estate transfer taxes in the Chicago metro area.

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How much is Chicago's city transfer tax?

Chicago charges $10.50 per $1,000.00 for real estate sold within city limits. Buyers and sellers each pay a portion of the tax. The buyer pays $7.50 per $1,000.00, and the seller pays $3.00 per $1,000.00.

The total tax is 1.05% of the property's sales price. The buyer's share is 0.75%, and the seller's share is 0.3% of the sales price.

To calculate the buyer's Chicago transfer tax, multiply the sales price by 0.75%.

 

If you buy a home for $500,000

  •    $500,000 sales price
  • x 0.75% buyer's tax
  • = $3,750.00 amount the buyer pays 

 

To calculate the seller's Chicago transfer tax, multiply the property's sales price by 0.3%. 

 

If you sell a home for $500,000

  •    $500,000.00 sales price
  • x 0.3% seller's tax 
  • = $1.500.00 amount the seller pays 

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Real estate transfer tax calculator

Our real estate transfer tax calculator is a simple tool that helps home buyers and sellers estimate the transfer taxes they may owe when buying or selling property in the Chicago metro area.

First, enter the property's city and sales price. Next, calculate the city, county, and state real estate transfer tax amounts. Then, double-check with the city, county, and state to confirm the taxes and fees. 

 

Illinois Transfer Tax Calculator

 

 

 

 
 
 

 


Closing cost calculator with real estate transfer taxes

Use our mortgage calculator to see how much money you need to buy a home. View current interest rates, monthly payments, closing costs, and transfer taxes. 

Run as many scenarios as you like as you plan for your significant purchase. Change the sales price, down payment, and loan type, and get the loan details upfront so you know what to expect.

View current rates

 

Where are transfer taxes on the Loan Estimate?

The Loan Estimate is a form the lender sends you after applying for a mortgage. It details the mortgage costs, including the real estate transfer taxes.

Check the Sales Price on Page 1 of the Loan Estimate to ensure the transfer taxes are correct.

Loan Estimate Sales Price

 

Then, review the Transfer Tax amount on Page 2, Section E. Taxes and Other Government Fees.

Loan Estimate Transfer Tax

The Closing Disclosure is the form the lender sends you at least three business days before closing. It lists the final numbers for your home loan, including the transfer taxes you pay at closing. 

Use our free mortgage calculator to see your closing costs, including the real estate transfer tax, so you know how much money you need to buy a home.

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How do I pay the real estate transfer tax? 

Home buyers and sellers pay transfer taxes at closing, the final step in buying a home. Before closing, the lender gives you a bottom line: the amount of cash you need to close. Cash-to-close includes the amount you owe for real estate transfer taxes.

Next, set up a wire transfer or make a cashier's check payable to the title company overseeing the closing. Then, after signing the loan documents at closing, the title company exchanges funds, completes the transaction, and pays taxes due to the city, county, and state.

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List of real estate transfer taxes for the Chicago metro area 

The following table lists the real estate transfer taxes in the Chicago metro area. 

City/Town Buyer's transfer tax Seller's transfer tax
Addison $2.50 per $1,000.00 No transfer tax
Alsip No transfer tax $3.50 per $1,000.00
Arlington Heights No transfer tax No transfer tax
Aurora No transfer tax $3.00 per $1,000.00
Bartlett No transfer tax $3.00 per $1,000.00
Bedford Park No transfer tax No transfer tax
Bellwood No transfer tax $5.00 per $1,000.00
Berkeley No transfer tax No transfer tax
Berwyn No transfer tax $10.00 per $1,000.00
Bolingbrook $3.75 per $1,000.00 $3.75 per $1,000.00
Broadview No transfer tax $175.00
Brookfield No transfer tax No transfer tax
Buffalo Grove No transfer tax $3.00 per $1,000.00
Burbank No transfer tax $5.00 per $1,000.00
Burnham $5.00 per $1,000.00 No transfer tax

 

Calumet City

$4.00 per $1,000.00 $4.00 per $1,000.00
Calumet Park $5.00 per $1,000.00 No transfer tax
Carol Stream No transfer tax $3.00 per $1,000.00
Channahon $3.00 per $1,000.00 No transfer tax
Chicago $7.50 per $1,000.00 $3.00 per $1,000.00
Chicago Heights No transfer tax $4.00 per $1,000.00
Cicero No transfer tax $10.00 per $1,000.00
Country Club Hills No transfer tax $5.00 per $1,000.00
Countryside No transfer tax No transfer tax
Des Plaines No transfer tax $2.00 per $1,000.00
Dolton No transfer tax $5.00 per $1,000.00
East Hazel Crest No transfer tax No transfer tax
Elgin No transfer tax No transfer tax
Elk Grove Village No transfer tax $3.00 per $1,000.00
Elmhurst No transfer tax $1.50 per $1,000.00
Elmwood Park No transfer tax $5.00 per $1,000.00
Evanston No transfer tax $5.00 per $1,000.
Evergreen Park No transfer tax $5.00 per $1,000.

 

Forest Park

No transfer tax No transfer tax
Franklin Park No transfer tax No transfer tax
Glen Ellyn No transfer tax $3.00 per $1,000.00
Glencoe No transfer tax No transfer tax
Glendale Heights No transfer tax $3.00 per $1,000.00
Glenwood No transfer tax $5.00 per $1,000.00
Hanover Park No transfer tax $3.00 per $1,000.00
Harvey $2.50 per $1,000.00 $2.50 per $1,000.00
Harwood Heights $10.00 per $1,000.00 No transfer tax
Highland Park No transfer tax $5.00 per $1,000.00
Highwood No transfer tax $5.00 per $1,000.00
Hillside $7.50 per $1,000.00 No transfer tax
Hoffman Estates No transfer tax $3.00 per $1,000.00
Indian Head Park No transfer tax No transfer tax
Joliet No transfer tax $3.00 per $1,000.00
Justice No transfer tax No transfer tax

 

Lake Forest

$4.00 per $1,000.00 No transfer tax
Lansing No transfer tax No transfer tax
Lincolnshire $3.00 per $1,000.00 No transfer tax
Lincolnwood No transfer tax No transfer tax
Lyons No transfer tax No transfer tax
Markham No transfer tax No transfer tax
Matteson No transfer tax No transfer tax
Maywood No transfer tax $4.00 per $1,000.00
McCook No transfer tax $5.00 per $1,000.00
Melrose Park No transfer tax No transfer tax
Mettawa $5.00 per $1,000.00 No transfer tax
Midlothian No transfer tax No transfer tax
Monee No transfer tax No transfer tax
Montgomery No transfer tax No transfer tax
Morton Grove No transfer tax $3.00 per $1,000.00
Mount Prospect $3.00 per $1,000.00 No transfer tax

 

Naperville

$3 per $1,000.00 No transfer tax
Niles $3.00 per $1,000.00 No transfer tax
Norridge No transfer tax No transfer tax
North Chicago $5.00 per $1,000.00 No transfer tax
North Riverside No transfer tax No transfer tax
Northlake No transfer tax No transfer tax
Oak Forest No transfer tax No transfer tax
Oak Lawn No transfer tax $5.00 per $1,000.00
Oak Park No transfer tax $8.00 per $1,000.00
Orland Park No transfer tax No transfer tax
Palatine No transfer tax No transfer tax
Park Forest No transfer tax $5.00 per $1,000.00
Park Ridge No transfer tax $2.00 per $1,000.00
Posen No transfer tax No transfer tax
River Forest No transfer tax $1.00 per $1,000.00
River Grove No transfer tax No transfer tax
Riverdale No transfer tax No transfer tax
Riverside No transfer tax No transfer tax
Robbins No transfer tax No transfer tax
Rolling Meadows No transfer tax $3.00 per $1,000.00
Romeoville $3.50 per $1,000.00 No transfer tax

 

Schaumburg

No transfer tax $1.00 per $1,000.00
Skokie No transfer tax $3.00 per $1,000.00
South Holland No transfer tax No transfer tax
Stickney No transfer tax $5.00 per $1,000.00
Stone Park No transfer tax $4.00 per $1,000.00
Streamwood No transfer tax $3.00 per $1,000.00
Sycamore $5.00 per $1,000.00 No transfer tax
University Park No transfer tax $3.00 per $1,000.00
Villa Park No transfer tax No transfer tax
Wauconda No transfer tax No transfer tax
Waukegan No transfer tax No transfer tax
West Chicago No transfer tax No transfer tax
Westchester No transfer tax No transfer tax
Wheaton $2.50 per $1,000.00 No transfer tax
Wheeling No transfer tax No transfer tax
Wilmette $3.00 per $1,000.00 No transfer tax
Woodridge No transfer tax $2.50 per $1,000.00
Worth No transfer tax No transfer tax

 

Please note that the government may change the real estate transfer tax rates, so double-check with the city, county, and state to confirm that the taxes and fees are correct. 

View current rates

 

Jim Quist NewCastle Home Loans
JIM QUIST
President and Founder of NewCastle Home Loans. Jim has been in the mortgage business for 20+ years.

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