![]() Real Property Transfer Tax Title Company Notice.A written instrument subject to the tax imposed by MCL 207.505 Sec. Real Property Transfer Tax Ruling 6 - Ground Leases - Additional Issues Real Property Transfer Tax Ruling 5 - Ground Leases Real Property Transfer Tax Ruling 4 - Exemptions "C" & "M". It is retained on this web site for historical purposes only. Real Property Transfer Tax Ruling 3 - Transfers in divorce situations. The ruling is no longer in effect. Real Property Transfer Tax Ruling 2 - Enterprise zone exemption. Real Property Transfer Tax Ruling 1 - Real estate cooperatives. This exemption is administered through a refund administered by the Tax Division of the Department of Finance located at 333 South State Street, DePaul Center, Room 300. Section 3-33-060 (O) includes a refund for the CTA portion of tax for transfers to transferees who are age 65 years or older, who occupy purchased property as their personal dwelling for at least one year following the transfer, if the transfer price is $250,000 or less. See Section 3-33-060 for exact terms, which control. ![]() No transfer is exempt unless declaration describes the facts supporting the exemption along with supporting documentation. Transfer of title to or a beneficial interest in the primary residence of a legally recognized couple, from one member of the couple to the other, by order of court resulting from a legal separation or divorce proceeding.Transfers to lenders pursuant to a mortgage or security interest foreclosure proceeding or made in lieu of foreclosure.Enterprise zones where property is used primarily for commercial or industrial purposes.Transfers from a subsidiary to its parent for no consideration other than the cancellation or surrender of the subsidiary's stock.Transfers between a parent and its subsidiary or between subsidiaries with the same parent because of merger, consolidation or the sale of substantially all of the seller's assets.Transfers in which the deed is a deed of partition.Transfers in which the instrument releases property which secures debt.Transfers in which the deed is a tax deed.Transfers without additional consideration to correct, modify, confirm, or supplement a deed previously recorded.Transfers in which the instrument secures debt or other obligations.Transfers of real property acquired by or from a governmental body and certain transfers by or from certain non-profit organizations. ![]() In general, The Buyer is responsible for $3.75 and the Seller is responsible for $1.50. ![]() $5.25 per $500.00 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property. This supplemental tax shall be referred to as the “CTA portion” of the Chicago Real Property Transfer Tax, and the $3.75 tax shall be referred to as the “City portion.” In addition, a supplemental tax at the rate of $1.50 per $500.00 of the transfer price, or fraction thereof, shall be imposed on transfers taking place on or after April 1, 2008, for the purpose of providing financial assistance to the Chicago Transit Authority (“CTA”). ![]() The tax shall be at the rate of $3.75 per $500.00 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property. A tax is imposed upon the privilege of transferring title to, or beneficial interest in, real property located in the city, whether or not the agreement or contract providing for the transfer is entered into the city. ![]()
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