Illinois Transfer Tax Calculator: What to Expect
This simple calculator can help home sellers in Illinois estimate their transfer taxes. To get a ballpark idea of the transfer fees you might pay in the Prairie State, enter your home’s estimated selling price above.
Need a selling price? Try HomeLight’s free Home Value Estimator to see what your house might be worth. To receive a more accurate listing price, contact a top Illinois real estate agent and request a Comparative Market Analysis (CMA), a report that will compare your home against nearby listed and recently sold properties.
See a full cost and proceeds breakdown
A top real estate agent can provide you with a Seller’s Net Sheet that breaks down all the costs of selling your home, along with an estimate of the proceeds you can expect. Use HomeLight’s free Agent Match platform to find a trusted local agent with excellent reviews and a proven track record.
How the Illinois Transfer Tax is Calculated
Illinois’s transfer tax, known as a Real Estate Transfer Tax, is calculated at a rate of $0.50 per $500 of the property’s sale price.
For example, if you sold your home for $286,000 (Illinois’s median home price), you could expect to pay $286 in Illinois transfer taxes.
Another Transfer Tax Illinois Sellers Typically Pay
Many counties and local governments also charge home sellers a real estate transfer tax. Chicago, and Cook County, for example, charge their own rates, in addition to state transfer tax rates. In Illinois, you are responsible for taxes imposed by counties that may fall at a rate of $0.25 per $500 of the value.
»Learn more: Understanding Illinois’s Transfer Tax
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