When selling your home in Des Plaines, knowing how transfer taxes work is important. Transfer taxes are fees levied by local or state authorities whenever property ownership changes, and are usually part of your closing cost considerations. This guide will explain how the Des Plaines transfer tax works: who pays for what, how much it is, and what 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 due 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 widely based on the property’s location, as different states, counties, and cities 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. Sellers are responsible for paying transfer taxes on real estate transactions in Des Plaines.What are transfer taxes?
Who pays for transfer taxes?
