
Morton Grove Transfer Declaration Form


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People also ask
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What deeds are exempt from transfer tax in Illinois?
The following transactions are exempt from the transfer tax under 35 ILCS 200/31-45. (a) Deeds representing real estate transfers made before January 1, 1968, but recorded after that date and trust documents executed before January 1, 1986, but recorded after that date.
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How much is the real estate transfer tax in Illinois?
The state charges sellers $1.00 per $1,000.00 of the property's sales price. To calculate the Illinois tax, multiply the sales price by 0.10%. All Illinois counties, including Cook, DuPage, Kane, Lake, McHenry, and Will, charge $0.50 per $1,000.00.
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What is the penalty for estimated payments in Illinois?
The late-payment penalty amount is based on the number of days the payment is late. Payments less than 31 days late are penalized at 2% of the amount due, and payments 31+ days late are penalized at 10% of the amount due.
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Who pays real estate transfer tax in Illinois?
Most of the time, sellers pay. In some communities, buyers are hit with the tax. In Chicago, both buyers and sellers must pay a transfer tax. In addition to the municipal transfer tax, each county in Illinois assesses a transfer tax at the rate of 50 cents per thousand dollars of the sale price.
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What is an assignment of beneficial interest in Illinois?
"Collateral assignment of beneficial interest" means any pledge or assignment of the beneficial interest in a land trust to any person to secure a debt or other obligation. P.A. 84-1462.
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What is a PTAX 203 in Illinois?
Note: File PTAX-203-A, Illinois Real Estate Transfer Declaration Supplemental Form A, if the amount on Line 11 is over $1 million and the property's current use on Line 8 is marked “Apartment building (over 6 units),” “Office,” “Retail establishment,” “Commercial building,” “Industrial building,” or “Other.”
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Who is subject to Illinois personal property tax replacement income tax?
Corporations pay a 2.5 percent replacement tax on their net Illinois income. Partnerships, trusts, and S corporations pay a 1.5 percent replacement tax on their net Illinois income. Public utilities pay a 0.8 percent tax on invested capital.
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