City Of Chicago Real Estate Transfer Tax Declaration
The City of Chicago Real Estate Transfer Tax Declaration is a document that must be filed with the Cook County Recorder of Deeds whenever real estate is sold or transferred within the city limits. The tax is imposed on the transfer of real estate and is calculated based on the purchase price of the property. The tax rate is currently $7.50 for every $1,000 of the purchase price.
Who is Responsible for Paying the Tax?
The tax is typically paid by the buyer of the real estate, but in some cases, the seller may be responsible for paying the tax. It is important to consult with a real estate attorney or a licensed real estate agent to determine who is responsible for paying the tax in a particular transaction.
When is the Tax Due?
The tax is due at the time of the recording of the real estate transfer with the Cook County Recorder of Deeds. The tax must be paid within 30 days of the transfer unless an extension is granted. Failure to pay the tax on time may result in penalties and interest charges.
Exemptions
There are certain exemptions to the City of Chicago Real Estate Transfer Tax. For example, transfers of property between spouses, transfers of property to a trust, and transfers of property to a government entity are exempt from the tax. Additionally, transfers of property that are not subject to the Illinois Real Estate Transfer Tax are exempt from the City of Chicago Real Estate Transfer Tax.
How to File the Declaration
The City of Chicago Real Estate Transfer Tax Declaration can be filed online through the Cook County Recorder of Deeds website or in person at the Cook County Recorder of Deeds office. The necessary forms and instructions can be found on the website or obtained in person at the office. It is important to make sure that the forms are filled out correctly and that all necessary documentation is provided.
Conclusion
The City of Chicago Real Estate Transfer Tax Declaration is an important document that must be filed whenever real estate is sold or transferred within the city limits. The tax is calculated based on the purchase price of the property and is typically paid by the buyer. There are exemptions to the tax, and it is important to consult with a real estate attorney or a licensed real estate agent to determine who is responsible for paying the tax in a particular transaction. The tax must be paid within 30 days of the transfer, and failure to pay on time may result in penalties and interest charges. The declaration can be filed online or in person, and it is important to make sure that all necessary forms and documentation are provided.