Chicago's Real Estate Transfer Taxes (Commercial and Residential Real Estate) (IL) | Practical Law

Chicago's Real Estate Transfer Taxes (Commercial and Residential Real Estate) (IL) | Practical Law

A Practice Note discussing real estate transfer taxes imposed by the City of Chicago on the transfer of an interest in Chicago commercial or residential real estate. This Note addresses the common types of transfers subject to Chicago transfer taxes, including transfers of beneficial interests in real estate and in controlling interests in a real estate entity. This Note also discusses the steps for reporting Chicago transfer taxes, declaring applicable exemptions, full payment certificates, certificates of zoning compliance, and fulfilling specific recording requirements.

Chicago's Real Estate Transfer Taxes (Commercial and Residential Real Estate) (IL)

Practical Law Practice Note w-036-5727 (Approx. 27 pages)

Chicago's Real Estate Transfer Taxes (Commercial and Residential Real Estate) (IL)

by Practical Law Real Estate
MaintainedIllinois
A Practice Note discussing real estate transfer taxes imposed by the City of Chicago on the transfer of an interest in Chicago commercial or residential real estate. This Note addresses the common types of transfers subject to Chicago transfer taxes, including transfers of beneficial interests in real estate and in controlling interests in a real estate entity. This Note also discusses the steps for reporting Chicago transfer taxes, declaring applicable exemptions, full payment certificates, certificates of zoning compliance, and fulfilling specific recording requirements.