Selling your Cherry Valley home and wondering how transfer taxes work? You are not alone. Many sellers want a clear, quick way to estimate costs and avoid last‑minute surprises at closing. In this guide, you will see the exact rates, who typically pays, simple examples, and the steps to keep your recording on track. Let’s dive in.
Transfer tax basics in Illinois
Illinois charges a state real estate transfer tax of 50 cents for each $500 of sale price, which equals 0.1 percent of the price. You can see the statute that sets this rate in the Illinois Property Tax Code. Review the state transfer tax law.
Counties may also charge a county transfer tax. Many Illinois counties that impose it use 25 cents for each $500, which equals 0.05 percent. Title industry guidance explains how these county taxes are applied and who commonly pays. See Illinois transfer tax guidance.
Some municipalities add their own transfer taxes or require local stamps. Cherry Valley is a small village and is not commonly listed as having a separate municipal transfer tax, but rules can change. Check municipal transfer tax listings or confirm with your title company.
What applies in Cherry Valley
Check your county first
Cherry Valley lies mainly in Winnebago County, with a small portion in Boone County. The county that your parcel sits in controls the county tax and recording procedures. See Cherry Valley’s county context. Verify your Property Index Number and county before you budget.
Winnebago and Boone procedures
Winnebago County requires a PTAX‑203 transfer declaration, typically filed through the state’s MyDec portal, and the MyDec file must show “Closed/Completed” before recording. Confirm Winnebago’s MyDec requirement. Boone County also requires the PTAX declaration and follows its own recorder procedures. Check Boone County recorder info.
How to estimate your tax
Use these quick formulas:
- State tax: sale price × 0.001 (0.1 percent)
- County tax (if charged): sale price × 0.0005 (0.05 percent)
- Combined typical state + county: sale price × 0.0015 (0.15 percent)
Because taxes are calculated per $500 or fraction, your title company will round to the next $500. The statute sets the per‑$500 method. See the state statute.
Examples:
- $150,000 sale: State ≈ $150, County ≈ $75, Combined ≈ $225
- $300,000 sale: State ≈ $300, County ≈ $150, Combined ≈ $450
- $500,000 sale: State ≈ $500, County ≈ $250, Combined ≈ $750
Who usually pays
By custom in Illinois, the seller often pays the state and any county transfer taxes. That said, responsibility is negotiable and sometimes set by local ordinance. Always confirm your purchase contract and closing statement. Read title industry guidance on who pays.
Exemptions at a glance
Some transfers are exempt under state law. Examples include transfers for less than $100 of consideration, certain deeds between government entities, deeds that correct prior conveyances, tax deeds, and some corporate reorganizations. The list is specific and documentation is required. See statutory exemptions in 35 ILCS 200/31‑45.
Your Cherry Valley seller checklist
Use this to keep your closing smooth:
- Confirm your parcel’s county (Winnebago or Boone) so you follow the right recorder process and budget correctly. Quick village context
- Ask your title company to prepare the PTAX‑203 in MyDec and verify the transfer tax lines on your settlement statement. Winnebago requires a “Closed/Completed” MyDec status before recording. See Winnebago’s MyDec reminder
- Verify whether any municipal transfer tax, inspection stamp, or local certificate is required. Cherry Valley is not commonly listed, but confirm to be safe. Check municipal listings
- If you believe your transfer is exempt, have the correct exemption number and wording ready per the statute and PTAX instructions. Review exemptions
- Confirm who pays per your purchase contract. While sellers typically pay, it can be negotiated. See who‑pays guidance
- Budget for county recording fees and any local fees. Winnebago has an updated filing fee schedule effective January 1, 2025. View Winnebago filing fees
When to call a pro
If your transfer might be exempt, involves a family conveyance, a trust, or a business entity, loop in your title company or a real estate attorney early. They will prepare the PTAX‑203, verify any exemption, and ensure your MyDec file is accepted for recording. If you want a smooth, well‑managed sale with clear numbers and timelines, reach out to Israel Popoola for a data‑driven plan and local guidance from prep to closing.
FAQs
How much are transfer taxes for a Cherry Valley sale?
- Typical combined state and county rate is about 0.15 percent of the sale price, rounded per $500, if a county tax applies under local rules.
Does the Village of Cherry Valley charge its own transfer tax?
- Cherry Valley is not commonly listed with a municipal transfer tax, but you should confirm with your title company or Village Hall in case rules change.
Who pays transfer taxes in Illinois closings?
- The seller commonly pays state and county transfer taxes, but your contract can assign payment differently, so always check your agreement and closing disclosure.
Are family transfers exempt from the state transfer tax?
- Some transfers qualify for statutory exemptions, but eligibility depends on specific circumstances and proper documentation under 35 ILCS 200/31‑45.
Do I have to file PTAX‑203 and use MyDec in Winnebago County?
- Yes, Winnebago County requires the PTAX‑203 via MyDec and a “Closed/Completed” status before recording the deed.
