A property in Cook County sells for $450,000. What is the total Illinois Real Estate Transfer Tax owed?
Correct Answer
B) $337.50
The Illinois Real Estate Transfer Tax is $0.75 per $500 (or fraction thereof) of the sales price. $450,000 ÷ $500 = 900 increments. 900 × $0.75 = $337.50.
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Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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