| What is the Real
Estate Transfer Tax?
The Real Estate Transfer Tax is imposed on the seller of real property
within the City of Highland Park. The tax must be paid to the City
and a transfer tax stamp must be
obtained before recording of documents.
Who Pays It?
Payment of this tax is the responsibility of the seller.
How Much Is It?
The tax is $5 per $1,000 (or any fraction thereof) of the property's
selling price. For example, if the sales price is $300,000, the
tax is
$1,500.
What is Required?
- A copy of the deed (original deed required when applying for exemption)
- Completed utility
form
- Completed transfer
tax declaration form
- Completed and notarized disclosure statement
- Payment of a final water bill.
When Can I Pay It?
All necessary documentation and payment of a final water bill
is required to obtain transfer stamps. It is recommended that
the tax be paid and that transfer stamps be obtained before
closing. The Finance Counter at City
Hall, 1707 St.
Johns Avenue, is
open
Monday-Friday,
between the hours
of 7:30
AM - 5:00 PM.
What Methods of Payment may be used when
Purchasing Real Estate Transfer Stamps and Payment of Final Water
Bill?
Currently, the City of Highland Park accepts funds
paid in cash or by cashier's check, certified check, title company
check, or by attorney's check if the attorney's check is pre-printed
with "Attorney
at law". Personal
checks are not accepted.
Where Can I Purchase Stamps?
In addition to the Finance Counter at City Hall, Real Estate Transfer
Stamps may be obtained through the mail. Simply download
the necessary forms, complete, and submit requests to:
City of Highland Park
Attn: Finance Division/RETT
1707 St. Johns Avenue
Highland Park, Illinois 60035
To schedule a final water bill reading, contact Dorothy Forrest,
Administrative Clerk, at (847) 926-1016. Final water readings may
be scheduled within two weeks of the closing date or an estimated
final bill may be calculated through the closing date.
Are There Any Exemptions to this Tax?
Yes. For a complete list of exemptions, please refer to Section
97.1004 of the City Code that addresses the Real Estate
Transfer Tax, or to page 2 of the Real
Estate Transfer Declaration Form.
Please note: When applying for an exemption, sufficient proof of all facts necessary to establish the specific claimed exemption must be provided.
In the event transfer tax stamps have been paid for a transaction
that may qualify for an exemption, the stamp must be returned to
the City Finance Department with a request for refund and documentation
of the appropriate exemption.
What if I Buy and Sell Properties Within
Highland Park?
Currently, the City provides for a rebate of real estate transfer tax, up to
$1,000, if certain criteria are met. Click
here to obtain
a Real Estate Transfer Tax
Refund Application.
What if I Need Further Information?
For further information on the City's Real Estate Transfer Tax,
view the detailed instructions, or call the City of Highland
Park's Finance Department at (847) 432-0800. |