In February 2026, Sawyer Iverson asks for the current Illinois state real estate transfer tax rate. What is the most accurate answer under current Illinois rules?
Correct Answer
D) Illinois state transfer tax is $0.50 for each $500 of value or fraction thereof.
Illinois Department of Revenue lists the state real estate transfer tax at $0.50 per $500 of value or fraction thereof.
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Related Topics & Key Terms
Key Terms:
Related Concepts
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
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