Free Illinois seller net sheet calculator

Illinois charges the state real estate transfer tax of $0.50 per $500, customarily paid by the seller. On top of that, 75 county or city transfer taxes apply in parts of the state; the calculator adds them when you choose the county.

With no county or city chosen, the transfer tax on a $500,000 sale is about $750, customarily paid by the seller. Some counties and cities charge a different or additional rate.

On a $400,000 sale with a 5% commission, estimated seller costs in Illinois come to about $24,307 (6.1% of the price), including $20,000 of commission. Without commission, closing costs are about $4,307. Local taxes, the payoff, and property tax prorations change the final number.

Seller pays the owner's policy in Illinois.

Closings are usually handled by an attorney, and an attorney is customarily required at closing.

Property taxes are paid in arrears. The typical effective rate is about 2.1% of value per year. Taxes are paid a year in arrears (Cook County installments Mar 1 and Aug 1 for the prior year); the seller credits the buyer for the prior year if unpaid plus Jan 1 through closing, customarily at 105%-110% of the last bill.