Real Estate Transfer Tax
Title 3, Chapter 36 of the Village Code imposes a tax on the transfer of title to real estate located in the village. The rate of the tax is $1 per $1,000 of value, or fraction thereof. The primary liability for the tax lies with the seller or grantor of the real estate. A transfer tax declaration form must be filed with the village along with payment of the tax. The form and payment are to be mailed or delivered to the village's Finance Department at 101 Schaumburg Court.
Exempt Transactions: There are various real estate transactions that are exempt from the transfer tax. A list of exempt transactions can be seen by opening the link in this section. A $10 processing fee is applied to all exempt transactions.
Tax Refund: A grantor or seller who has paid the tax may be eligible for a refund of the tax if he or she; (1) previously occupied the dwelling unit as a principal residence, (2) did not rent or lease any portion of the dwelling unit to another person, (3) subsequently purchases and occupies a dwelling unit within the village as principal residence within one year of the date of payment of the tax, and (4) requests the refund within six months of the date the subsequent Schaumburg property is purchased.
Unused Stamp: A refund for any unused transfer stamp will only be given within six months of the date of issuance. There is a processing fee of $10 that will be deducted from the refund.
For further information on the real estate transfer tax, refer to Title 3, Chapter 36 of the Village Code or contact the Finance Department at 847.923.4539.