At a training session in Oak Park, Micah Owens asks whether an Illinois county may impose an additional transfer-tax amount beyond the state rate. Which answer is correct?
Correct Answer
C) Yes. Illinois counties may impose a county transfer tax of $0.25 for each $500 of value or fraction thereof.
PTAX-203 and Illinois tax materials include a county transfer-tax component of $0.25 per $500 where applicable.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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