Illinois · Real estate
Preparing, pricing, required paperwork and closing. Illinois articles from the regional hub.
At the time of a transfer agreement, 765 ILCS 95/3 requires the seller to tell the buyer and the lender, in writing, about every insurance claim paid to the seller for mine subsidence. The Fund will not release another owner's claim file to you.
The low-income senior citizens assessment freeze holds the equalized assessed value, not the tax rate. For taxable year 2026 the household income limit is $75,000. Owners must be 65 and file Form PTAX-340 with the chief county assessment officer every year.
The general homestead exemption reduces equalized assessed value, not the tax bill by a flat dollar amount. For 2023 and after, the cap is $10,000 in Cook County, $8,000 in counties next to Cook, and $6,000 everywhere else. In smaller counties it is applied automatically.
The Property Tax Appeal Board hears an assessment appeal only after the county board of review decides. The petition is due within 30 days of the written notice. PTAB will not hear the tax rate, the tax bill, or an exemption.
Under 765 ILCS 77/20 the seller must deliver the Residential Real Property Disclosure Report before the contract is signed. If a material defect is disclosed only after signing, 765 ILCS 77/40 gives the buyer five business days to terminate and recover the earnest money.
Illinois stacks state, county and sometimes city transfer taxes on a home sale. Here's how each is calculated, who usually pays, and what MyDec is.
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