A property in Illinois sells for $450,000. What is the total Illinois state real estate transfer tax due on this transaction?
Correct Answer
B) $337.50
Under the Illinois Real Estate Transfer Tax Law (35 ILCS 200/31-25), the state transfer tax rate is $0.75 per $500 of consideration. $450,000 ÷ $500 = 900 taxable units × $0.75 = $337.50.
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