Under the Chicago Municipal Code, how is the city's real property transfer tax divided between the buyer and the seller?
Correct Answer
D) Chicago imposes a buyer portion of $3.75 per $500 and a seller portion of $1.50 per $500.
Under the Chicago Municipal Code (Chicago Real Property Transfer Tax, Ch. 3-33), the city's transfer tax is split between the parties: the buyer pays $3.75 per $500 of the purchase price and the seller pays $1.50 per $500, for a combined city rate of $5.25 per $500. This buyer-majority split is a defining feature of Chicago's local transfer tax and is separate from the Illinois state transfer tax of $0.50 per $500 paid by the seller.
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