Transfer Stamps

Real Estate Transfer Tax Stamp Information

Title 3, Chapter 36 of the Village Code imposes a tax on the transfer of title to real estate located in the village. The primary liability for the tax lies with the seller or grantor of the real estate.

Application Requirements

Complete an online real estate transfer stamp application, Full Consideration or Exempt.
Attach required documentation:
- Copy of the Illinois Real Estate Transfer Declaration (PTAX 203, MY DEC), or Sales Contract.
- Copy of the Deed.
- Copy of the legal description of the property.
- An Executed Certificate of Compliance for non-residential properties.
Make a payment of the water balances owed. These will be included in your payoff statement.
Make a payment of any fees owed to the Village of Schaumburg. These will be included in your payoff statement.

Other Considerations

The appropriate application must be submitted and may take up to (3) three business days for processing especially if there are any code violations on the property. We encourage applicants to submit their applications 5-7 business days prior to the date of the closing.
Residents may be eligible for a Real Estate Transfer Tax Rebate upon purchase of new village property within one year after the date of this declaration. Request for a rebate must be filed within 6 months from the date the new property is purchased. A $10.00 processing fee applies.
Any application for a refund applies to the return of this transfer stamp and must be filed within 6 months after the date of this declaration. A $10.00 processing fee applies for a transfer tax refund.

Full Requirements

https://www.villageofschaumburg.com/government/finance/real-estate-transfer-stamp

Full Consideration Stamp

The rate of the tax is $1 per $1,000 of value, or fraction thereof rounded to next full dollar.

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Exempt Stamp

A $10 processing fee is applied to all exempt transactions.

There are various real estate transactions that are exempt from the transfer tax. The Property is EXEMPT, per Section 36.080, of the Village Code as below. Please check all that apply.

(a) Transactions involving property acquired by or from any governmental body, or any transaction involving property acquired by and from a corporation, society, foundation, association or institution organized and operated exclusively for charitable, religious or educational purposes. The latter is exempt only when one charitable organization conveys property to another charitable organization.

(d) Transactions in which the actual consideration is less than $500.

(g) Transactions in which the deeds are pursuant to a court decree.

(m) Transactions where the seller/grantor has reached the age of 65 and resides in the property and/or the seller is the sole beneficiary of a land trust and has reached the age of 65 (proof of age required).

(n) Other: List below other exemption per Section 36.080 of the Village Code (vacant land, unincorporated, etc.).