Transfer Tax Stamp for Real Estate Purchases

Who needs to purchase a transfer tax stamp?
By Oswego ordinance, all buyers of residential and commercial properties within the village limits of Oswego are responsible for purchasing the tax stamp prior to recording the deed with Kendall or Will County.

What is required to request a transfer tax stamp and how does it work?
All buyers must submit a MyDec or PTAX-203 Illinois Real Estate Transfer Declaration at least three business days prior to closing.

1. Complete an online request by uploading your MyDec or PTAX OR visit Village Hall with your PTAX to initiate a request. Oswego Village Hall is located at 100 Parkers Mill and is open Monday through Friday, 8 a.m.-5 p.m.
2. Once your MyDec or PTAX has been received, the Village will initiate a Statement of Open Accounts (SOA). Any open invoices related to the property must be paid in full before a transfer stamp can be released.
3. After the SOA has been reviewed, you will be notified to bring your deed to Village Hall to receive the transfer stamp.
4. After you arrive at Village Hall and show your deed, the amount of the tax will be calculated while you wait. The rate is $3 per $1,000 of the property’s sale price. See example below. 
5. Payment for the transfer stamp can be made by credit card, cash or certified check.
6. Once payment is received, the transfer stamp will be affixed to the property deed.

Transfer Tax Stamp Exemptions
As required by Ordinance No. 22-54, individuals who have owned a primary residence in Oswego for at least one year are exempt from paying the real estate transfer tax, but must still obtain a transfer stamp from the Village of Oswego. See a full list of exemptions in Ordinance No. 22-54, Section1, Sec. 3-39-6. 

What is required to receive a primary residence exemption with a transfer tax stamp and how does it work? 
All exempt buyers that are residents must submit a MyDec or PTAX-203 Illinois Real Estate Transfer Declaration and a prior property tax bill to verify residency at least three business days prior to closing.

1. Complete an online request by uploading your PTAX and prior property tax bill or visit Village Hall with your documents to initiate an exemption request. Oswego Village Hall is located at 100 Parkers Mill and is open Monday through Friday, 8 a.m.-5 p.m.
2. Once your PTAX and tax bill have been received, the Village will review any accounts associated with the property. Any open invoices related to both properties must be paid in full before a transfer stamp can be released.
3. After Village accounts have been reviewed, you will be notified to bring your deed to Village Hall to receive the transfer stamp with an exemption.
4. Fee not required to receive an exemption.

What is required to receive an exemption (other than primary residence) with a transfer tax stamp and how does it work? 
MyDec or PTAX-203 Illinois Real Estate Transfer Declaration is NOT required.

1. Complete an online request or visit Village Hall with your documents to initiate an exemption request. Oswego Village Hall is located at 100 Parkers Mill and is open Monday through Friday, 8 a.m.-5 p.m.
2. After documents have been reviewed, you will be notified to bring your deed to Village Hall to receive the transfer stamp with an exemption.
3. Fee not required to receive an exemption.

How will the cost of the transfer stamp be determined?
The cost is $3 per $1000 of purchase price (0.3%) of the sale price. To determine the sale price, also referred to as full actual consideration, refer to Step 2, #11 on your MyDec or PTAX-203 Illinois Real Estate Transfer Declaration.

EXAMPLE 1:
Home sells for $300,000
$300,000
/$1,000
 X$3.00
$900.00

or

$300,000
x.3%
$900.00

Customer Service - Real Estate Transfer Stamp
Oswego Village Hall
Finance Department, 1st Floor
100 Parkers Mill
Oswego, IL 60543
Hours: 8 a.m.- 5 p.m., Monday - Friday
Phone: (630) 554-0864
Fax: (630) 554-3306
Email: TransferTax@oswegoil.org