PTAX-203 Illinois Real Estate Transfer Declaration

PTAX-203 (R-10/10) Page 1 of 4

PTAX-203

Illinois Real Estate

Transfer Declaration

Step 2: Calculate the amount of transfer tax due.

Note: Round Lines 11 through 18 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 PTAX-203-A, Illinois Real Estate Transfer Declaration Supplemental Form A. If you are record-

ing a beneﬁ cial interest transfer, do not complete this step. Complete Form PTAX-203-B, Illinois Real Estate Transfer Declaration Supplemental Form B.

11 Full actual consideration 11 $ ____________________

12a Amount of personal property included in the purchase 12a $ ____________________

12b Was the value of a mobile home included on Line 12a? 12b ____ Yes ____ No

13 Subtract Line 12a from Line 11. This is the net consideration for real property. 13 $ ____________________

14 Amount for other real property transferred to the seller (in a simultaneous exchange)

as part of the full actual consideration on Line 11

14 $ ____________________

15 Outstanding mortgage amount to which the transferred real property remains subject 15 $ ____________________

16 If this transfer is exempt, use an “X” to identify the provision. 16 ____b ____k ____m

17 Subtract Lines 14 and 15 from Line 13. This is the net consideration subject to transfer tax. 17 $ ____________________

18 Divide Line 17 by 500. Round the result to the next highest whole number (e.g., 61.002 rounds to 62). 18 ____________________

19 Illinois tax stamps — multiply Line 18 by 0.50. 19 $ ____________________

20 County tax stamps — multiply Line 18 by 0.25. 20 $ ____________________

21 Add Lines 19 and 20. This is the total amount of transfer tax due. 21 $ ____________________

Please read the instructions before completing this form.

For

electronic filing information, visit the MyDec Helpful Resource page.

Step 1: Identify the property and sale information.

1 ____________________________________________________

Street address of property (or 911 address, if available)

____________________________________________________

City or village ZIP

____________________________________________________

Township

2 Write the total number of parcels to be transferred. ___________

Write the parcel identifying numbers and lot sizes or acreage.

Property index number (PIN) Lot size or acreage

a _____________________________ ___________________

b _____________________________ ___________________

c _____________________________ ___________________

d _____________________________ ___________________

Write additional property index numbers, lot sizes or acreage in

Step 3.

4 Date of instrument: ____ ____ / ____ ____ ____ ____

5 Type of instrument (Mark with an “X.” ):

_____

Warranty deed

____ Quit claim deed

_____

Executor deed ____ Trustee deed

____ Beneﬁ cial interest _____ Other

(specify):______________

6 ____ Yes ____ No

Will the property be the buyer’s principal residence?

7 ____ Yes ____ No Was the property advertised for sale?

(i.e., media, sign, newspaper, realtor)

8 Identify the property’s current and intended primary use.

Current Intended (Mark only one item per column with an “X.”)

a ____ ____ Land/lot only

b ____ ____ Residence

(single-family, condominium, townhome, or duplex)

c ____ ____ Mobile home residence

d ____ ____ Apartment building

(6 units or less) No. of units: _______

e ____ ____ Apartment building (over 6 units) No. of units: _______

f ____ ____ Ofﬁ ce

g ____ ____ Retail establishment

h ____ ____ Commercial building

(specify): _________________

i ____ ____ Industrial building

j ____ ____ Farm

k ____ ____ Other

(specify): __ ____________________________

9 Identify any signiﬁ cant physical changes in the property since

January 1 of the previous year and write the date of the change.

Date of signiﬁ cant change:

____ ____ / ____ ____ ____ ____

(Mark with an “X.”)

____ Demolition/damage ____ Additions ____

Major remodeling

____ New construction ____ Other (specify): ________________

10 Identify only the items that apply to this sale. (Mark with an “X.”)

a ____ Fulﬁ llment of installment contract —

year contract initiated

: ___ ____ ____ ____

b ____ Sale between related individuals or corporate afﬁ liates

c ____ Transfer of less than 100 percent interest

d ____ Court-ordered sale

e ____ Sale in lieu of foreclosure

f ____ Condemnation

g ____ Short sale

h ____ Bank REO (real estate owned)

i ____

Auction sale

j ____ Seller/buyer is a relocation company

k ____

Seller/buyer is a ﬁ nancial institution or government agency

l ____ Buyer is a real estate investment trust

m ____ Buyer is a pension fund

n ____ Buyer is an adjacent property owner

o ____ Buyer is exercising an option to purchase

p ____ Trade of property (simultaneous)

q ____ Sale-leaseback

r ____ Other

(specify): __________________________________

__________________________________________________

s ____ Homestead exemptions on most recent tax bill:

1 General/Alternative $______________

2 Senior Citizens $______________

3 Senior Citizens Assessment Freeze $______________

County:

Date:

Doc. No.:

Vol.:

Page:

Received by:

This form is authorized in accordance with 35 ILCS 200/31-1 et seq. Disclosure of this information

is REQUIRED. This form has been approved by the Forms Management Center. IL-492-0227

Do not write in this area.

County Recorder’s Ofﬁ ce use.

Month Year

Use your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes.

Page 2 of 4 PTAX-203 (R-10/10)

( )

Step 3: Write the legal description from the deed. Write, type (minimum 10-point font required), or attach the legal description

from the deed. If you prefer, submit an 8

” x 11” copy of the extended legal description with this form. You may also use the space below to write

additional property index numbers, lots sizes or acreage from Step 1, Line 3.

Step 4: Complete the requested information.

The buyer and seller (or their agents) hereby verify that to the best of their knowledge and belief, the full actual consideration and facts stated in this declaration are true and correct. If this

transaction involves any real estate located in Cook County, the buyer and seller (or their agents) hereby verify that to the best of their knowledge, the name of the buyer shown on the

deed or assignment of beneﬁ cial interest in a land trust is either a natural person, an Illinois corporation or foreign corporation authorized to do business or acquire and hold title to real

estate in Illinois, a partnership authorized to do business or acquire and hold title to real estate in Illinois, or other entity recognized as a person and authorized to do business or acquire

and hold title to real estate under the laws of the State of Illinois. Any person who willfully falsiﬁ es or omits any information required in this declaration shall be guilty of a Class B misde-

meanor for the ﬁ rst offense and a Class A misdemeanor for subsequent offenses. Any person who knowingly submits a false statement concerning the identity of a grantee shall be guilty

of a Class C misdemeanor for the ﬁ rst offense and of a Class A misdemeanor for subsequent offenses.

Seller Information (Please print.)

_________________________________________________________________________ ______________________________________

Seller’s or trustee’s name Seller’s trust number (if applicable - not an SSN or FEIN)

________________________________________________________________________________________________________________

Street address (after sale) City State ZIP

_________________________________________________________________________ ______________________________________

Seller’s or agent’s signature Seller’s daytime phone

Buyer Information (Please print.)

_________________________________________________________________________ ______________________________________

Buyer’s or trustee’s name Buyer’s trust number (if applicable - not an SSN or FEIN)

________________________________________________________________________________________________________________

Street address (after sale) City State ZIP

_________________________________________________________________________ ______________________________________

Buyer’s or agent’s signature Buyer’s daytime phone

Mail tax bill to:

________________________________________________________________________________________________________________

Name or company Street address City State ZIP

Preparer Information (Please print.)

_________________________________________________________________________ ______________________________________

Preparer’s and company’s name Preparer’s ﬁ le number (if applicable)

________________________________________________________________________________________________________________

Street address City State ZIP

_________________________________________________________________________ ______________________________________

Preparer’s signature Preparer’s daytime phone

_______________________________________________

Preparer’s e-mail address (if available)

Identify any required documents submitted with this form. (Mark with an “X.”) ____ Extended legal description ____Form PTAX-203-A

____ Itemized list of personal property ____Form PTAX-203-B

To be completed by the Chief County Assessment Ofﬁ cer

1 __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ 3 Year prior to sale ___ ___ ___ ___

County Township Class Cook-Minor Code 1 Code 2

4 Does the sale involve a mobile home assessed as

2 Board of Review’s ﬁ nal assessed value for the assessment year real estate? ___ Yes ___ No

prior to the year of sale.

5 Comments

Land ___ , ___ ___ ___ , ___ ___ ___ , ___ ___ ___

Buildings ___ , ___ ___ ___ , ___ ___ ___ , ___ ___ ___

Total ___ ___ , ___ ___ ___ , ___ ___ ___ , ___ ___ ___

Illinois Department of Revenue Use Tab number

Reset

PTAX-203 (R-10/10) Page 3 of 4

General Information

The information requested on this form is required by the Real Estate

Transfer Tax Law (35 ILCS 200/31-1 et seq.). All parties involved in

the transaction must answer each question completely and truthfully.

What is the purpose of this form?

County ofﬁ ces and the Illinois Department of Revenue use this

form to collect sales data and to determine if a sale can be used

in assessment ratio studies. This information is used to compute

equalization factors. Equalization factors are used to help achieve a

state-wide uniform valuation of properties based on their fair market

value.

Must I ﬁ le Form PTAX-203?

You must ﬁ le either (1) Form PTAX-203 and any required documents

with the deed or trust document or (2) an exemption notation on the

original deed or trust document at the County Recorder’s ofﬁ ce within

the county where the property is located. File Form PTAX-203 for all

real estate transfers except those qualifying for exempt status under

(a), (c), (d), (e), (f), (g), (h), (i), (j), or (l) listed below.

Which property transfers are exempt from real

estate transfer tax?

The following transactions are exempt from the transfer tax under

35 ILCS 200/31-45.

(a) Deeds representing real estate transfers made before January 1,

1968, but recorded after that date and trust documents executed

before January 1, 1986, but recorded after that date.

(b) Deeds to or trust documents relating to (1) property acquired

by any governmental body or from any governmental body,

(2) property or interests transferred between governmental

bodies, or (3) property acquired by or from any corporation,

society, association, foundation or institution organized and

operated exclusively for charitable, religious or educational

purposes. However, deeds or trust documents, other than those

in which the Administrator of Veterans’ Affairs of the United

States is the grantee pursuant to a foreclosure proceeding, shall

not be exempt from ﬁ ling the declaration.

(d) Deeds or trust documents that, without additional consideration,

conﬁ rm, correct, modify, or supplement a deed or trust document

previously recorded.

(e) Deeds or trust documents where the actual consideration is less

than $100.

(f) Tax deeds.

(g) Deeds or trust documents that release property that is security

for a debt or other obligation.

(h) Deeds of partition.

(i) Deeds or trust documents made pursuant to mergers,

consolidations or transfers or sales of substantially all of the

assets of corporations under plans of reorganization under the

Federal Internal Revenue Code (26 USC 368) or Title 11 of the

Federal Bankruptcy Act.

(j) Deeds or trust documents made by a subsidiary corporation

to its parent corporation for no consideration other than the

cancellation or surrender of the subsidiary’s stock.

(k) Deeds when there is an actual exchange of real estate and

trust documents when there is an actual exchange of beneﬁ cial

interests, except that that money difference or money’s worth

paid from one to the other is not exempt from the tax. These

deeds or trust documents, however, shall not be exempt from

ﬁ ling the declaration.

(l) Deeds issued to a holder of a mortgage, as deﬁ ned in

Section 15-103 (now Section 15-1207) of the Code of Civil

Procedure, pursuant to a mortgage foreclosure proceeding or

pursuant to a transfer in lieu of foreclosure.

(m) A deed or trust document related to the purchase of a principal

residence by a participant in the program authorized by the

Home Ownership Made Easy Act, except that those deeds and

trust documents shall not be exempt from ﬁ ling the declaration.

Can criminal penalties be imposed?

Anyone who willfully falsiﬁ es or omits any required information on

Form PTAX-203 is guilty of a Class B misdemeanor for the ﬁ rst

offense and a Class A misdemeanor for subsequent offenses.

Anyone who knowingly submits a false statement concerning the

identity of a grantee of property in Cook County is guilty of a Class

C misdemeanor for the ﬁ rst offense and a Class A misdemeanor for

subsequent offenses. The penalties that could be imposed for each

type of misdemeanor are listed below (35 ILCS 200/31-50 and

730 ILCS 5/5-8-3 and 5/5-9-1).

Misdemeanor Prison Term Maximum Fines

Class A less than 1 year $2,500

Class B not more than 6 months $1,500

Class C not more than 30 days $1,500

Line-by-line Instructions

The sellers and buyers or their agents must complete Steps 1 through

4 of this form. For transfers of a beneﬁ cial interest of a land trust,

complete the form substituting the words “assignor” for “seller” and

“assignee” for “buyer.”

Step 1: Identify the property and sale information.

Line 1 — Write the property’s street address (or 911 address, if

available), city or village, zip code, and township in which the property

is located.

Line 3 — Write all the parcel identifying numbers and the properties’

lot sizes (e.g., 80’ x 100’) or acreage. If only the combined lot size or

acreage is available for multiple parcels, write the total on Line 3a

under the “lot size or acreage” column. If transferring only a part of

the parcel, write the letters “PT” before the parcel identifying number

and write the lot size or acreage of the split parcel. If transferring a

condominium, write the parcel identifying number and the square feet

of the condominium unit. If surface rights are not being transferred,

indicate the rights being transferred (e.g., “minerals only”). If transfer-

ring right-of-way (ROW) property that does not have a parcel identify-

ing number, write “ROW only.” If ﬁ ve or more parcels are involved, use

the space provided on Page 2, Step 3. The parcel identifying number

is printed on the real estate tax bill and assessment notice. The chief

county assessment ofﬁ cer can assist you with this information.

Line 4 — Write the month and year from the instrument.

Line 5 — Use an “X” to identify the type of instrument (i.e., deed, trust

document, or facsimile) to be recorded with this form. For a deed-

in-trust, limited warranty, special warranty, trust deed, or other deed

types not listed on this form, select “Other” and write the deed type.

“Joint tenancy” and “tenants-in-common” identify ownership rights and

cannot be used as a deed type.

Line 6 — Select “Ye s ” if the property will be used as the buyer’s

principal dwelling place and legal residence.

Line 7 — Select “Ye s ” if the property was sold using a real estate

agent or advertised for sale by newspaper, trade publication, radio/

electronic media, or sign.

Line 8 — Use an “X” to select one item under each of the column

headings “Current” and “Intended.” “Current” identiﬁ es the current or

most recent use of the property. “Intended” identiﬁ es the intended or

expected use of the property after the sale. If the property has more

than one use, identify the primary use only.

Line 8h, Commercial building — Write the type of business (bank,

hotel/motel, parking garage, gas station, theater, golf course, bowling

alley, supermarket, shopping center, etc.).

Line 8k, Other — Choose this item only if the primary use is not listed

and write the primary use of the property.

Note: For Lines 8h and 8k, if the current and intended categories are

the same but the speciﬁ c use will change, (i.e., from bank to theater),

write the current use on the line provided and write the intended use

directly below the line provided.

Instructions for Form PTAX-203, Illinois Real Estate Transfer Declaration

Page 4 of 4 PTAX-203 (R-10/10)

Line 9 — Use an “X” to identify any signiﬁ cant physical changes in

the property since January 1 of the previous year. Write the date the

change was completed or the property was damaged.

Line 10 — Select only the items that apply to this sale. A deﬁ nition is

provided below for all items marked with an asterisk.

Line 10a, Fulﬁ llment of installment contract — The installment

contract for deed is initiated in a calendar year prior to the calendar

year in which the deed is recorded. Write the year the contract was

initiated between the seller and buyer. Do not select this item if the

installment contract for deed was initiated and the property was

transferred within the same calendar year.

Line 10c, Transfer of less than 100 percent interest — The seller

transfers a portion of the total interest in the property. Other owners

will keep an interest in the property. Do not consider severed mineral

rights when answering this question.

Line 10d, Court-ordered sale — The property’s sale was ordered by

a court (e.g., bankruptcy, foreclosure, probate).

Line 10g, Short sale — The property was sold for less than the

amount owed to the mortgage lender or mortgagor, if the mortgagor

has agreed to the sale.

Line 10h, Bank REO (real estate owned) — The ﬁ rst sale of the

property owned by a ﬁ nancial institution as a result of a judgment of

foreclosure, transfer pursuant to a deed in lieu of foreclosure, or con-

sent judgment occurring after the foreclosure proceeding is complete.

Line 10k, Seller/buyer is a ﬁ nancial institution — “Financial institu-

tion” includes a bank, savings and loan, credit union, Resolution Trust

Company, and any entity with “mortgage company” or “mortgage

corporation” as part of the business name.

Line 10o, Buyer is exercising an option to purchase — The sale

price was predicated upon the exercise of an option to purchase at a

predetermined price.

Line 10p, Trade of property (simultaneous) — Buyer trades or

exchanges with the seller one or more items of real estate for part or

all of the full actual consideration (sale price) on Line 11.

Line 10r, Other — Explain any special facts or circumstances involv-

ing this transaction that may have affected the sale price or sale

agreement or forced the sale of the property. This includes property that

is subject to an existing lease or property that is part of an IRC §1031

Exchange.

Line 10s, Homestead exemptions on most recent tax bill — Write

the dollar amount for any homestead exemption reﬂ ected on the most

recent annual tax bill.

Step 2: Calculate the amount of transfer tax due.

Round Lines 11 through 18 to the next highest whole dollar.

Note: File PTAX-203-B, Illinois Real Estate Transfer Declaration

Supplemental Form B, when ﬁ ling instruments other than deeds, or

trust documents. (Do not complete Step 2, of the PTAX-203 when

ﬁ ling the PTAX-203-B).

Line 11 — Write the full actual consideration (sale price). Full actual

consideration is the amount actually paid, excluding any amount

credited against the purchase price or refunded to the buyer for

improvements or repairs to the property. Include the amount for other

real estate transferred in a simultaneous exchange from the buyer

to the seller, even if the transfer involves an even exchange. Also

include the amount of outstanding mortgages to which the property

remains subject at the time of the transfer.

Note: File PTAX-203-A, Illinois Real Estate Transfer Declaration

Supplemental Form A, if the amount on Line 11 is over $1 million and

the property’s current use on Line 8 is marked “Apartment building

(over 6 units),” “Ofﬁ ce,” “Retail establishment,” “Commercial building,”

“Industrial building,” or “Other.”

Line 12a — Write the amount of personal property items included

in the sale price on Line 11. Do not include the value of a beneﬁ cial

interest of a land trust. Personal property items are generally listed

on the “bill of sale.” If you are uncertain as to whether an item is real

estate or personal property, consult your attorney, tax advisor, or the

chief county assessment ofﬁ cer.

On 8

” x 11” paper, submit an itemized list of personal property (in-

clude values) transferred from the seller to the buyer if this sale meets

either of the following conditions:

• residential property — if the amount of personal property (not

including the value of a mobile home) on Line 12a is greater than 5

percent of the sale price on Line 11, or

• non-residential property — if the amount of personal property on

Line 12a is greater than 25 percent of the sale price on Line 11.

Residential personal property — Generally, “personal property”

includes items that are not attached (built-in) to the home and that are

normally removed by the seller when vacating the property. Examples

include artwork, automobiles and boats, draperies, furniture, free-

standing appliances (e.g., refrigerators, stoves, washers and dryers,

but not built-in appliances), lawn mowers, tractors, snow blowers, rugs

(excludes wall-to-wall carpets), and window air-conditioners (excludes

central air). Include the value of a mobile home as personal property on

Line 12a if it meets all of the following conditions:

• The value of the mobile home was included on Line 11.

• The value of the mobile home was not included on the real estate

tax bill.

Commercial/industrial personal property — Generally, “personal

property” is any item that is not a permanent improvement to the

land and includes, but is not limited to, intangibles such as goodwill,

licenses, patents, franchises, business or enterprise values; and

certain tangibles such as inventories, cash registers and shopping

carts, free-standing shelving and displays, furniture, ofﬁ ce equipment

and supplies, vehicles, and machinery and equipment not assessed

as real estate.

Generally, “personal property” does not include building components

(e.g., wiring and lighting, heating, air-conditioning, plumbing, ﬁ re pro-

tection); foundations, pits and other building components for special-

ized or heavy machinery; permanent ﬁ xtures including, but not limited

to, machinery and equipment and cranes assessed as real estate,

craneways, and non-portable tanks; and site improvements such as

paving and fencing.

Line 14 — Write the amount of other real estate transferred from the

buyer to the seller that was included in the sale price on Line 11. This

value only applies to a simultaneous exchange between the par-

ties involved in this transaction. Do not include the value of property

involved in a deferred exchange under IRC §1031.

Line 15 — Write an amount only if the deed or trust document states

that the transferred property remains subject to a mortgage at the

time of the transfer.

Line 16 — Use an “X” to identify the letter of the provision for the

exemption from the transfer tax (i.e., (b), (k), or (m)) that applies to

this transfer. See “Which property transfers are exempt from real

estate transfer tax?” in these instructions.

Step 3: Write the legal description from the deed.

Write the legal description from the deed. Use a minimum 10-point

font if the legal description is typed. If the legal description will not ﬁ t

in the space provided, submit an 8

” x 11” copy of the extended legal

description from the deed with this form.

Step 4: Complete the requested information.

Write the requested information for the seller, buyer, and preparer.

Write the addresses and daytime phone numbers where the seller

and buyer can be contacted after the sale.

The seller and buyer (or their agents) and preparer must sign this

form. By signing the form, the parties involved in the real estate

transfer verify that

• they have examined the completed Form PTAX-203,

• the information provided on this form is true and correct, and

• they are aware of the criminal penalties of law associated with

falsifying or omitting any information on this form.

Use an “X” to identify any required documents submitted with this

form.