Trying to decide whether to buy a home in the city of Chicago or in a suburb? One fact that tips the scales slightly in favor of the suburbs is the city of Chicago’s real estate transfer tax for buyers. Buyers in the city must pay $7.50 per $1000 paid. That means buyers of a $400,000 home in Chicago have to pay $3,000 ($7.50 x 400) to the city at closing.
However, there are a few suburbs that also impose a property transfer tax on buyers. In the north and west suburbs they include (per $1000): Addison ($2.50), Harwood Heights ($10), Hillside ($7.50), Lincolnshire ($3), Mettawa ($5), Mount Prospect ($3), Naperville ($3), Niles ($3), North Chicago ($5), Wheaton ($2.50), and Wilmette ($3).
Tax rates do change so check current rates before buying.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
