The Village issues transfer tax stamps on the sale and transfer of real estate within the Village at the rate of $3.00 for each $1,000 of the property selling price or fraction thereof. Transfer stamps are issued by the Finance Department at the Village's main offices.
Certain exemptions from the tax are defined in the Municipal Code for deeds where there is no consideration or where no change in possession occurs. There is a $25 administrative fee related to the issuance of exempt stamps.
Requirements for Issuance of a Transfer Tax Stamp
- Complete a fully executed Real Estate Transfer Stamp Declaration Form (pdf).
- Provide a copy of the fully executed real estate contract showing the amount of consideration on the transaction. In the case of an exempt stamp, a copy of the signed deed must be provided.
- Provide a copy of the State of Illinois Real Estate Transfer Tax Declaration Form.
- A final water meter reading must be taken and the final water bill, along with all other monies owed the Village must be paid prior to the issuance of the tax stamp. A final water reading must be scheduled at least 2 working days prior to closing. In the case of an exempt stamp, a final water reading is not required, however the water bill needs to be paid through current.
Transfer Tax Refund
The Municipal Code provides for a refund of transfer taxes paid in limited circumstances. To receive a refund of transfer taxes paid, ALL of the following requirements must be satisfied.
- He or she was the grantor or occupier of a property, including residential, commercial or industrial property within the corporate limits of the village as to which taxes were paid pursuant to this article;
- He or she did not rent or lease any portion of the previously owned dwelling or real estate to another person or persons and must have resided in the house being sold for a period of one year within the last three years prior to sale;
- He or she has purchased and occupies at the date of the application for refund another property within the village as a replacement for the property sold; and
- He or she makes the application for refund not later than one year after the tax payment has been made and provides adequate evidence of the fulfillment of each requirement of a refund.