Transfer Tax for County, State, and Municipality can be added and amended to Illinois closing statements.
Note: If you previously used the older State Transfer Tax and County Transfer tax line items on your default standard items, this will continue to be available for now, but will eventually be phased out. We will provide notice prior to making this change. We recommend updating your default standard items.
How to add County, State, and Municipality Transfer Tax line items to the Closing Statement
1. From the Closing Statement, select add and select which Transfer Tax you want to add from the "Description" dropdown.
- The municipality transfer tax is automatically calculated based off the property address inserted in Property Details.
2. Once saved, double click the line item to edit the details
- The transfer tax rate for each municipality is directly on the layout to see the calculation as well.
- Note: If there is no known transfer tax or Smokeball does not currently have the data, you will see a message noting this and no calculation will be made. If you receive this message, please submit a request to support and our Content team will work on adding your request.
3. Follow similar steps to add additional Transfer Tax line items to your closing statement.
Did You Know
- You can edit any of the line items from the Transfer Taxes screen.
- There are links that will direct you to the municipality's websites and transfer tax information websites.
- You can add these items as default line items on all your closing statements by selecting "Managing Standard items" and selecting your defaults.