A property in Chicago sells for $750,000. What is the City of Chicago municipal transfer tax due on this transaction?
Correct Answer
B) $3,750.00
The City of Chicago imposes a municipal real property transfer tax at a rate of $3.75 per $500 (or fraction thereof) of the sale price. $750,000 ÷ $500 = 1,500 increments × $3.75 = $3,750.00. This is the Chicago municipal transfer tax, which is separate from the Cook County transfer tax ($0.50 per $500) and the Illinois state transfer tax ($0.50 per $500).
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