Get the free Real Estate Transfer Tax Guidelines - Village of Bolingbrook

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Bolingbrook :n::. G a place to row Roger C. Clear Mayor VILLAGE OF BOLINGBROOK REAL ESTATE TRANSFER TAX GUIDELINES 05/05/15 Carol S. Penning Village Clerk TO OBTAIN STAMPS THE FOLLOWING CONDITIONS

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What is real estate transfer tax?

Real estate transfer tax is a tax imposed on the transfer of real property from one party to another. It is typically calculated as a percentage of the property's total value.

Who is required to file real estate transfer tax?

The requirement to file real estate transfer tax varies by jurisdiction. In most cases, both the buyer and seller are responsible for filing the tax. However, specific rules and exemptions may apply.

How to fill out real estate transfer tax?

To fill out real estate transfer tax, you generally need to provide information about the property being transferred, the parties involved, and the terms of the transaction. This may include property details, purchase price, and relevant documentation.

What is the purpose of real estate transfer tax?

The purpose of real estate transfer tax is to generate revenue for the government and to cover administrative costs associated with property transfers. It may also be used to fund specific programs or initiatives.

What information must be reported on real estate transfer tax?

The required information on real estate transfer tax can vary depending on the jurisdiction. Generally, it includes details about the property, such as its address, legal description, and purchase price. Information about the buyer and seller, including their names and addresses, may also be required.

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