Real Estate Transfer Tax
- 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 $1,000 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 (XLS) to determine what your tax would be.
- 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 (PDF). 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 (PDF), 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-inch-by-5-inch space in the upper right-hand corner of the document, and will incur an additional fee if located anywhere within a ½-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 canceled (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 the Sycamore Finance Office at 815-895-4920.
For additional information regarding the Sycamore transfer tax, please read the Transfer Tax Procedures (PDF).