Escrow & Title
In Illinois, transfer taxes on real estate are calculated based on:
AThe assessed value of the property
BThe purchase price stated in the deed or a declaration of value✓ Correct
CThe appraised value at the time of transfer
DThe original cost of the property
Explanation
Illinois real estate transfer taxes (state and local) are calculated based on the purchase price or consideration stated in the deed or a declaration of value filed with the county. Both state and local (municipal/county) transfer taxes may apply.
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