Transfers between a subsidiary corporation and its parent or between subsidiary corporations of a common parent either pursuant to a plan of merger or consolidation or pursuant to an agreement providing for the sale of substantially all of the seller's assets. 3-33-044(A). Real estate transfer taxes vary from state to state and even from county to county, so itâs always best to consult a local, experienced real estate agent with any questions you might have about real estate transfer taxes. “Controlling Interest” means more than 50% of the fair market value of all ownership interests of beneficial interests in a real estate entity. The correct fee must be fully paid when the real estate transfer tax stamp is purchased. There is an additional tax imposed by the Chicago Transit Authority (CTA) of $1.50 per $500 of the transfer price. Itâs even possible to be liable for federal transfer taxes, if you acquire a property as a gift, or through an inheritance. Transfers made pursuant to a confirmed plan of reorganization as provided under Section 1146(c) of Chapter 11 of the United States Bankruptcy Code of 1978, as amended. A real estate transfer tax is a tax thatâs charged when the title of a property is transferred from one owner to another. 35 ILCS 200/31-45 (l). 35 ILCS 200/31-45 (h). Buyers can also reduce portions of the closing costs by looking on their loan estimate form, where theyâll see a breakdown of the various fees that make up the total closing costs. There is a rebuttable presumption that an entity is a real estate entity if it owns, directly or indirectly, real property having a fair market value greater than 75% of the total fair market value of all the entity’s assets, determined without deduction for any mortgage, lien, or encumbrance. Chicago, Illinois Code of Ordinances Sec. A second or subsequent conviction of an offense is a Class A misdemeanor. 1 bid. The second option is revenue stamps with State and county tax, where stamps are affixed at the rate of $.75 per $500 of value and coded with the county name. Fannie Mae v. Hamer, No. << /Length 5 0 R /Filter /FlateDecode >> Sellers must contact the city's water billing division at 630-256-3600 to request a final water reading. 3-33-060 (G). 55 ILCS 5/5-1031(a). 3-33-060 (K). The tax is due if the transfer is made by one or more related transactions or involves one or more persons or entities and whether or not a document is recorded. Zoning Compliance: Tax stamps may also not be issued in connection with a parcel of residential property located in the city that is within one or more of the categories specifically laid out in 3-33-045(A) unless there is presented to the department or its agents either: (1) a valid certificate of zoning compliance issued by the zoning administrator; or (2) evidence that the requirement for a certificate of zoning compliance has been waived by virtue of the failure of the zoning administrator to act within the time periods prescribed in either subsection 3-33-045(D) or subsection 3-33-045(E) of this chapter. 55 ILCS 5/5-1031. For further address verification or real estate transfer stamp/tax questions please contact the Customer Service - Real Estate Transfer Stamps Department at (815) 724-3902. 3-33-060 (A). If this were a property in Chicago, the municipal tax liability would be $1,875 to the buyer ($3.75 per $500) and $750 to the seller ($1.50 per $500). Andrew has worked on projects for the United Nations and USC and has a particular passion for investing and finance. If the CTA portion of the tax is owed but not paid at the time it is due, then the transferor and transferee are jointly and severally liable for the tax, plus interest and penalties, and the property that is the subject of the transfer will be subject to a tax lien provided in Section 3-33-120. 3-33-040(F). 3-33-040(F). Both transactions only apply to incorporated properties within Naperville. Earned from a regionally accredited institution. 3-33-040(C). l) Deeds issued to a holder of a mortgage, as defined in Section 15-103 of the Code of Civil Procedure, pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure. Illinois imposes a tax on the privilege of transferring the following: (1) title to real estate located in Illinois; (2) a beneficial interest in real property located in Illinois; or (3) a controlling interest in a real estate entity owning property in Illinois. Chicago, Illinois Code of Ordinances Sec. Andrew's writing Transfers of title to, or beneficial interest in, real property used primarily for commercial or industrial purposes located in an enterprise zone, as defined in Chapter 16-12 of this code. (logo) Attorneys' Title Guaranty Fund Inc. The tax is $7.50 per $1,000 of the sales price of the property (rounded up to the nearest $500) for non-exempt transactions. Water and Sewer: Tax stamps in connection with a parcel of real property located in the city may not be issued unless the comptroller issues of certificate indicating that, as of the most current billing, all water and sewer assessments relating to the parcel have been paid in full, or a waiver of certification issued pursuant to applicable rules or regulations. Unless exempt by Section 31-45, a recorder will not accept for recording a deed or other taxable instrument unless it is accompanied by a declaration containing all the information requested in the declaration.