PTAX

In Illinois, the transfer of real estate from one entity to another is subject to the Real Estate Transfer Tax. While there are some exemptions to this law, most transactions will have to be accompanied by a PTAX 203 form from the Illinois Department of Revenue. The Department also has PTAX 203-A, PTAX 203-B, and PTAX 203-NR for unique circumstances, including exempt transactions.

Any deed brought to our office for recording must have one of the above forms accompanying the filing or the deed must cite an exemption from submitting the form.

The Department of Revenue website has more detailed information about the Real Estate Transfer tax and the forms to report it.

Complete statutory requirements for document filings may be found in 55 ILCS 5/3-5018.