Illinois taxes property sales through its real Estate Transfer Tax, does not require an attorney at closing and requires a seller disclosure form. It forecloses through the courts and is not a community property state.
Illinois in short
Is there a real estate transfer tax in Illinois?
Illinois taxes real estate transfers at $0.50 per $500 of value, Cook County adds $0.25 per $500, and the City of Chicago adds $5.25 per $500, for a Chicago total of $6.00 per $500 (1.2% of the price). The seller is named for the state and county taxes.
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What closing costs does Illinois law set?
Illinois has no official typical closing-cost total. The Cook County Clerk charges $107 to record a deed or mortgage, and Chicago transfer taxes total $6.00 per $500 of price (state $0.50, county $0.25, city $5.25).
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How is property tax calculated in Illinois?
In Cook County, Illinois, a home is assessed at 10% of market value, multiplied by the state equalization factor (3.0300 for tax year 2025), and the General Homeowner Exemption subtracts $10,000.
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What is the deadline to appeal a property tax assessment in Illinois?
In Cook County, Illinois, appeal your assessment to the Board of Review during your township's filing window, and if the result disappoints you, appeal to the Property Tax Appeal Board within 30 days of the notice (35 ILCS 200/16-160). The PTAB reviews assessments only, not the tax bill or rate.
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Do you need a real estate attorney to close in Illinois?
No Illinois statute read requires a buyer or seller to hire an attorney to close a home sale. A title company or registered agent may handle the escrow and closing if it issues closing protection letters (215 ILCS 155/16.1).
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What must a home seller disclose in Illinois?
An Illinois seller of one to four units, a condo or a co-op must complete the 24-item disclosure report and deliver it before the contract is signed (765 ILCS 77). If it arrives after signing, the buyer may cancel within 5 business days and get the earnest money back.
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How does foreclosure work in Illinois?
Illinois foreclosures go through a court: a homeowner can reinstate within 90 days of being served, and the redemption period for a residential mortgage ends on the later of 7 months after service or 3 months after the judgment. The sale must then be confirmed by the judge.
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What first-time home buyer programs does Illinois offer?
In Illinois, the Illinois Housing Development Authority (IHDA) offers four down payment assistance programs: Access Home (6% of the price, up to $15,000), Access Deferred (5%, up to $7,500), Access Repayable (10%, up to $10,000) and Access Forgivable (4%, up to $6,000).
Illinois guides
- Closing costs in Illinois and Chicago: what buyers and sellers pay
- Illinois and Chicago real estate transfer tax: rates, who pays
- How Cook County and Chicago property tax works
- Seller disclosure in Illinois: the form, radon and lead rules
- Do you need a real estate attorney to close in Illinois?
- Foreclosure process in Illinois: timeline and redemption
- Home prices in Illinois and Chicago: median value and trend
- First-time buyer programs in Illinois and Chicago
- How to verify a real estate license in Illinois (5 trades)