The new City of Chicago real estate transfer tax rate goes into effect Tuesday, April 1. Any transfers that take place on or after this date will be subject to the new rate.Along with the new tax rate, there is a new declaration (form 7551). Be advised that the new form is more complicated, and longer than the old one (7 pages), so it will take additional time to complete. Continue reading about the transfer tax changes on the City of Chicago's website.
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