Real Estate Transfer Tax

Economic Development Real Estate Transfer Tax Procedure

Effective June 1, 1993, the Village of Niles tax on the transfer of real property is $3 per one thousand dollars or fraction thereof and is to be paid by the buyer. Real estate contracts dated after June 1, 1993 are subject to the tax. In addition, the buyer is responsible for a $35 occupancy permit fee.

The tax may be paid in person or through the mail. Payments should be sent to:
Village of Niles Finance Department
1000 Civic Center Drive
Niles IL, 60714

Our phone number is 847-588-8000. All real estate transfer tax transactions conducted by mail must include a stamped self-addressed envelope. No declaration will be returned to the sender without one.

The seller of the property must have an inspection done by the Village of Niles approximately five days prior to closing. The inspector conducts a basic inspection and takes the final water meter reading. The next day after noon, the seller can come in to clear up the water account.

When the tax is paid, a completed declaration form and a copy of the Illinois Real Estate Transfer Declaration form must accompany payment. The information required on the declaration is the property address, the permanent property tax index number, the date and the type of deed, the sale price, the tax due, the buyer’s and the seller’s names. If an exemption is requested, a copy of the deed as well as the applicable paragraph and section of the ordinance allowing the exemption must be cited. There is a $25 administration fee for exempt stamps.

A Niles resident who sold his/her principal Niles residence and who purchases a residential structure within the village to be used as his/her principal residence shall be entitled to a rebate of $2 per $1,000 pending approval by the finance director.

A copy of the Village of Niles Real Estate Transfer Declaration form and the Illinois Real Estate Transfer Declaration form are kept by the Village of Niles and the originals are given to the taxpayer to transmit to the county recorder of deeds.