Knowing how transfer taxes work is important when selling your home in Evanston. Transfer taxes are fees levied by local or state governments whenever property ownership changes. The rates can differ significantly based on the area and can have a big impact on the overall cost of your sale. This guide will explain how the Evanston transfer tax works, breaking down what it is, what it costs, who pays for it, and any possible exemptions you might qualify for. Real estate transfer taxes are fees charged by state or local governments when property ownership is transferred from one individual to another. According to the Federal Trade Commission, these taxes are incurred when the title of a property, essentially the document confirming legal ownership, is officially transferred to a new owner. The amount owed in transfer taxes can vary significantly based on the property’s location, as different states, counties, and cities often establish their own rates and regulations. Transfer taxes primarily serve as a revenue source for local and state governments, funding various public services and infrastructure projects. Transfer tax liability will vary based on the city, state, or county where the transaction occurs. Generally, in Illinois, the seller of a property pays for transfer taxes. This is also true in Evanston.What are transfer taxes?
Who pays for transfer taxes?
