Property tax, transfer tax and closing costs in Illinois

Illinois: State real estate transfer tax of $0.50 per $500 of value ($1 per $1,000) plus a county tax of $0.25 per $500. Seller is primarily liable for the state and county tax by statute and custom. General reassessment every four years statewide. Cook County reassesses on a three-year cycle by region: north suburbs, south suburbs, City of Chicago.

Reviewed October 15, 2026. Every line links its statute or official source.

What Illinois sets

Transfer tax: State real estate transfer tax of $0.50 per $500 of value ($1 per $1,000) plus a county tax of $0.25 per $500. Source: tax.illinois.gov
Who customarily pays: Seller is primarily liable for the state and county tax by statute and custom. Source: tax.illinois.gov
Local transfer taxes: Home-rule municipalities levy their own. Chicago charges $3.75 per $500 paid by the buyer plus a CTA portion of $1.50 per $500 paid by the seller. About 50 Chicago-area municipalities levy a per-value tax, about 18 of them buyer-paid. Source: chicago.gov
Reassessment cycle: General reassessment every four years statewide. Cook County reassesses on a three-year cycle by region: north suburbs, south suburbs, City of Chicago. Source: cookcountyassessoril.gov
Homestead and other exemptions: General homestead exemption of $10,000 of equalized assessed value in Cook County, $8,000 in the collar counties and $6,000 elsewhere, plus senior, senior freeze and other exemptions. Exemptions do not transfer with a sale. Source: tax.illinois.gov
Owner’s title policy: Seller customarily pays for the owner’s title policy. Source: illinoisrealtors.org
How closings run: Attorney closings are customary in the Chicago area. Source: isba.org
Survey: Seller customarily provides a survey in the Chicago area. Source: illinoisrealtors.org
Other closing customs: Taxes are paid in arrears, so the seller credits the buyer at closing for taxes accrued but not yet billed. Many municipalities require a paid water bill, a zoning certificate or a point-of-sale inspection before transfer stamps issue. Source: cookcountytreasurer.com

Illinois transfer tax on a $263,000 sale

State transfer taxseller pays$263$263,000 ÷ $500 = 526 units (rounded up for any fraction) × $0.50 = $263
County transfer taxseller pays$131.50$263,000 ÷ $500 = 526 units (rounded up for any fraction) × $0.25 = $131.50

seller pays: $394.50
Total transfer tax: $394.50

Statutory transfer taxes on a $263,000 sale, as of the reviewed date. Who pays is custom and contract outside the statute’s primary liability. Local taxes described above are not in this figure unless listed as a line. Recording fees, title and attorney charges are separate.

Open the Illinois transfer tax calculator, with a link to share and an embed for your site.

Typical property tax in Illinois

Median real-estate tax paid: $5,298 a year
Per month: $442
Median owner-occupied home value: $263,300
Effective rate they imply: 2.01%

Census American Community Survey five-year file, 2020-2024, tables B25103 and B25077, owner-occupied homes. The median bill rose 20% against the 2015-2019 file. An estimate for a typical home, not yours. Your bill depends on the parcel, its exemptions and the next reassessment.

For agents

Your buyers ask what closing costs in Illinois and who pays. This page answers from the statute, with the date it was checked. Send it, or embed the calculator on your own site.

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Sources

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