In the landscape of real estate transactions within Illinois, the PTAX-203 Illinois Real Estate Transfer Declaration plays a crucial role. This form serves as a detailed record of the particulars involved in the transfer of property, encompassing a broad array of information that begins with the basic identification of the property and sale details. It covers the stipulation of the street and city address, the number of parcels involved, and their identifying numbers alongside lot sizes or acreage. The form also delves into the nature of the deed or trust document, inquiring about its type and whether the property will serve as the buyer's principal residence. Sellers must disclose if a real estate agent was used, the current and intended use of the property, and any significant physical changes it has undergone since the start of the previous year. Furthermore, it addresses an exhaustive list of transaction types, ranging from court-ordered sales to transactions involving financial institutions or government agencies. The calculation of the transfer tax due, based on the full actual consideration minus any personal property included in the purchase, is a critical aspect, highlighting the form’s role in ensuring the accurate assessment of taxes. The PTAX-203 form thus stands as a comprehensive document, integral to the transparency and legal integrity of real estate transactions in the state.
| Question | Answer |
|---|---|
| Form Name | Form Ptax 203 |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | acreage, pdf fillable illinois ptax 203 form, 12b, ptax 203 online |
Illinois Real Estate
Transfer Declaration
Step 1: Identify the property and sale information
1.____________________________________________________
street address of property)or 911 address if available
_____________________________________________________
City or, village |
Township |
2.Write the total number of parcels to be transferred __________
Write the parcel identifying numbers and lot sizes or, acreage *
Parcel Identifying Number |
Lot Size or acreage |
a ___________________________ |
_______________________ |
b ___________________________ |
_______________________ |
c ___________________________ |
_______________________ |
d ___________________________ |
_______________________ |
Write additional parcel identifiers and lot sizes or acreage in Step 3 4. Date of deed/trust document ____ ____/____ ____ ____ _____
Month Year
5.Type of deed/trust document* (Mark with an "X"): ____ Warranty deed
_____ Quit claim deed ___ Executor deed ____ Trustee deed
____ Other (specify) ________________________________________
6.____ Yes ____ No Will the property be buyers' principal residence?
7.____ Yes ____ No Was the property advertised for sale or sold using a real estate agent?*
8.Identify the property's current and intended primary use
current Intended
a______ ________ Vacant land/lot
b______ ________ Residence
c______ ________ Mobile home residence
d______ ________ Apartment Building (6 units or less) No. of units: ______
e______ ________ Apartment building (over 6 units) No. of units: ______
f______ ________ Office
g______ ________ Retail establishment
h______ ________ Commercial building (specify)* : ____________
i______ ________ Industrial building
j______ ________ Farm
k______ ________ Other (specify)* _________________________________
Do not write in this area
This space is for county Recorder's Office use
County:
Date:
Doc. No.:
Vol.:
Page:
Received By:
________________________________________________
9. Identify any significant physical changes in the property
since January 1 of the previous year and write the date of the change (Mark with an "X")
_____ Demolition/damage ___ Additions ___ major remodeling
____ New construction ____ Other (specify)
_________________________________________
Date of significant change*: ___ ___/__ __ __ __
Month Year
10.Identify only the items that apply to this sale.(Mark with an "X") a ____ Fulfillment of installation contract
b.____ sale between related individual or corporate affiliates c. ____ transfer of less than 100% interest*
d ____
e. ____ Sale in lieu of foreclosure f. ____ Condemnation
g. ____ Auction sale
h. ____ Seller/buyer is a relocation company
i ____ Seller/buyer is a financial institution* or government agency
j. ____ Buyer is a real estate investment trust k ____ Buyer is a pension fund
l _____ Buyer is an adjacent property owner
m ____ Buyer is exercising an option to purchase* n ____ Trade of property (simultaneous)*
o ____
p ____ Other (specify)* __________________________________
______________________________________________________
______________________________________________________
______________________________________________________
Step 2: Calculate the amount of transfer tax due.
Note: Round line 11 through 17 to the next highest whole dollar. If the amount on line 11 is over $1 million and the property's current use on Line 8
above is marked "e","f","g","h""i" or "k" complete form |
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11. Full actual consideration |
11. |
$ ______________________ |
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12a Amount of personal property included in the purchase |
12a. $ ______________________ |
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12b Was the value of a module home included on Lines 11 and 12a? |
12b |
$ ______________________ |
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13 |
Subtract Line 12b from 11. This the net consideration for real property |
13. |
$ ______________________ |
14 |
Amount for other real property transferred to the seller ( in a simultaneous |
14. |
$ _____________________ |
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exchange) as part of the full actual consideration on Line 11 |
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15 |
Outstanding mortgage amount to which to which the transferred real property |
15. |
$ _____________________ |
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remains subject * |
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16 |
If this transfer is exempt, use an "X" to identify the provision* |
16. |
$ _____________________ |
17. Subtract Lines 14 and 15 from Line 13. This is the net consideration subject to |
17. |
$ _____________________ |
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transfer tax |
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18 |
Divide Line 17 by 500. Round the result to the next higher whole number |
18. $ _____________________ |
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(e.g 61.002 rounds to 62) |
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19 Illinois tax |
19 |
$ ___________________ |
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20 County tax stamps |
20 |
$ ___________________ |
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21 Add Lines 19 and 29. This is the total amount of transfer tax due |
21 |
$ ___________________ |
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