Act Now To Impact Your Legislators Decisions

Currently, Illinois has a transfer tax on the sale of real estate. This mandatory fee for residential real estate sales transactions is one dollar per thousand dollars. For example, the tax on a $500,000 real estate transaction would be $500  as a flat fee.

There is serious discussion where there is consideration of a tiered increase dependent on the price of the property. Essentially, per the illinoisrealtor.org, the modification is as follows:

- For properties with sales prices up to $500,000, the tax would be slightly lowered from the current rate of $1 per $1000 to 80 cents per $1000;

- For properties with a sales price of $500,000 or more, the incremental value would be taxed at a substantially higher rate, as follows:

• The value between $500,000 and $1,000,000 would be taxed at a rate of $3 per $1,000;

• The value between $1,000,001 and $3,000,000 would be taxed at a rate of $7 per $1,000;

• The value over $3 million would be taxed at a rate of $10 per $1,000

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