What this calculator does
A Chicago home sale triggers four separate transfer taxes. This calculator totals them and splits them between buyer and seller according to local custom. Chicago stacks four transfer taxes: the city's $3.75 per $500 paid by the buyer, the CTA portion of $1.50 per $500 paid by the seller, and Cook County ($0.25) and Illinois ($0.50) per $500, customarily paid by the seller. Together they are about 1.2% of the price.
How to use it
- Enter the sale price.
- Read each tax, the buyer's share and the seller's share.
The formula
Each tax is a flat amount per $500 of price, rounded up: Chicago $3.75 (buyer), CTA portion $1.50 (seller), Cook County $0.25 and Illinois $0.50 (seller by custom).
Worked example
Using the default inputs shown in the calculator above:
| Tax | Amount |
|---|---|
| City of Chicago — $3.75 per $500 (buyer) | $3,000 |
| City of Chicago CTA portion — $1.50 per $500 (seller) | $1,200 |
| Cook County — $0.25 per $500 (seller by custom) | $200 |
| State of Illinois — $0.50 per $500 (seller by custom) | $400 |
| Total | $4,800 |
Total transfer taxes: $4,800. Buyer about $3,000 · seller about $1,800 (1.20% of the price).
Chicago stacks four transfer taxes, and the city's buyer-paid portion (0.75%) is the largest at $3,000. Each is counted per $500 or portion of the price, so the total is about 1.2% before lender and title charges.
How Chicago transfer taxes are paid
Chicago's tax is collected through a transfer declaration and stamps before the deed can be recorded, and the city requires a zero-balance water certification. Some transfers, such as certain gifts or transfers into a trust, are exempt. A 2024 ballot proposal (Bring Chicago Home) to raise the tax on sales over $1 million did not pass.
Transfer taxes at common Chicago prices
Chicago is unusual because the buyer pays the largest single transfer tax. The table splits the total into the buyer’s city tax and the seller’s share (the CTA portion plus Cook County and Illinois), using customary payment.
| Price | Buyer (Chicago 0.75%) | Seller (CTA, county, state) | Total |
|---|---|---|---|
| $250,000 | $1,875 | $1,125 | $3,000 |
| $350,000 | $2,625 | $1,575 | $4,200 |
| $500,000 | $3,750 | $2,250 | $6,000 |
| $750,000 | $5,625 | $3,375 | $9,000 |
| $1,000,000 | $7,500 | $4,500 | $12,000 |
| $1,500,000 | $11,250 | $6,750 | $18,000 |
Every piece is counted per $500 or part of $500, so the total stays close to 1.2% of the price at every level shown. Buyers coming from Texas, where there is no transfer tax, are often surprised to see a city tax of $3,750 on a $500,000 condo on their side of the closing statement.
Common mistakes and tips
- Forgetting the buyer's 0.75% city tax when budgeting cash to close.
- Missing the water certification, which can delay closing.
- Assuming suburban rules — most suburbs set their own transfer taxes.
- Using an old rate schedule.
Frequently asked questions
How much is transfer tax in Chicago?
About 1.2% of the price in total: 0.75% city (buyer), 0.30% CTA (seller), 0.05% county and 0.10% state.
Who pays Chicago transfer tax?
The buyer pays the $3.75 per $500 city portion; the seller usually pays the CTA, county and state portions.
Did Chicago's transfer tax go up in 2024?
No. The Bring Chicago Home referendum failed in March 2024, so rates are unchanged.
Are there exemptions?
Yes, for certain transfers listed in the city and state codes. Check with the Department of Finance.
Sources
Disclaimer
This calculator provides estimates for educational purposes only and is not financial, tax, legal, real estate, or insurance advice. Consult a licensed professional before making decisions.