City of
Sycamore
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What is it?
The
Sycamore Real Estate Transfer Tax is imposed on the buyer of
real estate within the City of
Sycamore.
Who
pays it?
Payment of the tax is the
responsibility of the buyer.
How
much is it?
The tax is $5 per
$1000 of the property’s full consideration price.
For example, if the full
consideration price is $200,000, the transfer tax would be
$1,000.
You can use the
Transfer Tax Calculator
to determine what your tax would be.
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What
is required?
To obtain a
transfer tax stamp, a copy of the sales contract or a copy of the
Illinois Revenue Tax Declaration (P-TAX) form showing the full
consideration price of the property is required.
Additionally, one must complete the
Real Estate Transfer Tax Form.
In addition to accessing this form
online, one can be obtained and completed in the Sycamore Finance
Office in the Sycamore Center.
How do I know if my property is within
Sycamore corporate limits?
All property with a Sycamore address is not necessarily located
within the City’s boundaries.
If you are unsure as to whether the
property is inside or outside the City, the best practice is to
examine the real estate tax bill.
Property within the City reflects a line
allocated to “City of Sycamore
” among the taxing bodies.
Current tax codes that reflect that the
property is located within the City of Sycamore are:
CO 10, CO 11,
DK 10, DK 11, DK 14, DK 15, DK 26,
SY 07,
SY 08, SY 50.
When
can I pay it?
The tax must be paid prior to closing
on the property.
Where
can I get it?
Transfer tax stamps are obtained
in the Sycamore Finance Office in the
Sycamore
Center,
located at
308 West State Street, Sycamore,
IL
60178.
Are
there any exemptions for Sycamore residents?
Yes.
If you have been a resident within
corporate limits of the City of Sycamore
for 12 consecutive months prior to purchasing homestead
property within the City of
Sycamore, you are eligible to receive an
exemption.
You will need to complete the
Certificate of Exemption Form
which can be done in the Sycamore Finance Office.
However, in
order to receive an exemption, you will need to show proof of
residency for the prior 12 months.
This proof can be in the form of two
utility bills (one current and one older), two bank statements, a
tax bill, etc.
Each item should show your name,
Sycamore address, and a date.
Please
note that no commercial property will qualify for a transfer tax
exemption.
Are
there any additional exemptions?
Yes.
If you qualify for an exemption under
the state and county transfer tax laws, you also qualify for an
exemption from Sycamore’s transfer tax.
What happens after closing on the
property?
The transfer tax stamp (or exemption stamp, if applicable) must be
affixed to the deed prior to recording of the deed.
The
County Recorder may
not record the deed if there is no stamp, unless an exemption is
applicable.
The stamp must be affixed in a location
that is practical for County recording purposes.
It cannot obscure information on the
deed, cannot be placed in the County Recorder’s 3”x5” space in the
upper right hand corner of the document, and will incur an
additional fee if located anywhere within a ˝-inch margin on the
edge of the page.
The
City will provide a Recording Cover Sheet upon request for anyone
desiring it.
What if I lose the stamp?
If a transfer tax stamp or exempt stamp is lost
or stolen, it cannot be
replaced.
It will be necessary to purchase another
stamp.
Can I get a refund?
If a transfer tax stamp is purchased and is
returned to the City without having been cancelled (defaced),
because (for example) of last minute changes in purchase price
necessitating a different stamp amount, or a failed closing, a
refund is possible and will be issued at the discretion of the City
Treasurer.
Who
can I contact if I have questions?
If you have any questions regarding
the Sycamore transfer tax, please contact Adam Orton in the Sycamore
Finance Office at 815-895-7680.
For additional
information regarding the Sycamore transfer tax, please read the
Transfer Tax Procedures.
