United States · Transfer Tax
Illinois has no state-level transfer tax, which makes downstate closings cheap on the tax side. Cook County changes that: the county charges $1 per $500 (0.2%) and Chicago adds its own $3.75 per $500 (0.75%), so a $400,000 Chicago condo carries roughly $3,800 in local transfer taxes alone. Property tax is the bigger long-term story — Illinois effective rates are among the highest in the country — so budget the annual bill, not just the closing.
Preset rates are indicative reference values only. Confirm current rates and any reliefs with your local tax authority.
Jurisdiction comparison at $400,000.00
Illinois pays $800.00 (0.2%) vs Illinois at $800.00 (0.2%).
No state transfer tax; Cook County adds $1 per $500 (0.2%) and the City of Chicago adds $3.75 per $500 (0.75%) on top. Bands below are the standard residential buyer schedule used by the calculator.
| Property value | Rate |
|---|---|
| All values | Flat 0.2% of the full value |
Indicative figures compiled August 2026 — official source: Cook County Clerk. Rates are typically indexed or revised each financial year.
A USD 400,000.00 purchase in Illinois attracts about USD 800.00 in transfer tax at the standard indicative rates — an effective rate of 0.2%. Recording fees run $50–150; title insurance is standard. That makes the all-in cash requirement USD 400,800.00 before you factor in any deposit, legal work, or moving costs. Adjust the price in the calculator to model your own number.
No state transfer tax; Cook County adds $1 per $500 (0.2%) and the City of Chicago adds $3.75 per $500 (0.75%) on top. Rates change with legislation and vary by buyer circumstances, so treat these as planning figures and confirm the current rate with Cook County Clerk before you commit.
At the indicative rates above, a USD 400,000.00 property attracts about USD 800.00 in transfer tax — an effective rate of 0.2%. Recording fees run $50–150; title insurance is standard.. The calculator above lets you change the price and see the result instantly.
There is no general first-time buyer exemption in Illinois at the standard indicative rates. No state transfer tax anywhere in Illinois. Check current eligibility rules with Cook County Clerk.
The buyer pays the tax in essentially every case in this market. It is payable in full before or at settlement and cannot normally be added to a mortgage, so it must be part of your cash budget alongside the deposit.
How we calculate: the calculator applies the official band schedule marginally — each rate applies only to the slice of the price inside its band, exactly as the revenue authority does. Worked examples are computed with the same function.
Last reviewed: . Learn more about Nirmal Lashkari and LashkariProperties.
Disclaimer: transfer tax rates change with legislation and vary by buyer circumstances. These are indicative planning figures, not tax advice — confirm every number with Cook County Clerk or a qualified local professional.
