New City of Chicago Transfer Tax Declaration

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.

Amendment to City of Chicago Supplemental Tax Ordinance

As a result of a Supplemental Tax Ordinance enacted by the City Council of the City of Chicago, the transfer tax on Chicago properties will increase. Any transfer taking place on or after April 1, 2008 will be subject to the new tax.

Effective on all transactions on or after this date, the transfer tax amount is increased to $10.50 per $1,000 of sales price.

On March 10, the City of Chicago amended its Transfer Tax Ordinance to spread the increase in the transfer tax of $3.00 per $1,000 to the seller. Therefore $7.50 per $1,000 (City portion) will be paid by the purchaser and $3.00 per $1,000 (CTA portion) by the seller, for a total of $10.50 per $1,000.