When calculating the Illinois Real Estate Transfer Tax on PTAX-203 and the taxable consideration does not divide evenly by $500, how must the number of taxable units be determined?
Correct Answer
A) Round the result up to the next whole number of $500 units
The PTAX-203 instructions issued by the Illinois Department of Revenue direct the filer to divide the net taxable consideration by $500 and round the result up to the next whole number before multiplying by the applicable rate. This ceiling-rounding rule ensures that any partial $500 increment is taxed as a full unit, consistent with the transfer tax being imposed per each $500 or fraction thereof of consideration.
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