Who needs a Form PTAX-203?
All parties to real estate transactions in the state of Illinois, must file a PTAX-203 form, Illinois Real Estate Declaration with the Department of Revenue according to the Real Estate Transfer Tax Law.
What is Form PTAX-203 for?
The Illinois Department of Revenue will examine the information provided on this form to know whether a sale can be used in assessment ratio studies. Moreover, this form is used to compute equalization factors that help evaluate a statewide fair market value of the property that is being sold.
Is Form PTAX-203 accompanied by other forms?
An Illinois Real Estate Declaration should be accompanied by a legal description of the deed or trust document.
Also, some additional financial statements may be required in specific cases.
When is Form PTAX-203 due?
There is no particular due date for this form. It should be filed for all real estate transfers each time they occur.
How do I fill out Form PTAX-203?
Form PTAX-203 is a two page document accompanied by instructions. You should read the instructions carefully before filling out the form.
The following information must be provided in order to complete the form:
- Identification of the property and sale information (including the identification of the property’s current and intended primary use);
- Calculation of the amount of transfer tax due;
- Legal description of the deed;
- Seller information (and signature);
- Buyer information (and signature);
- Preparer information (and signature).
By signing the form, all parties to the contract as well as the preparer certify that the information provided is accurate and recognize that their are criminal penalties for the falsification of any of the information provided.
Where do I send Form PTAX-203?
Once completed and signed, this form should be sent to the county’s Department of Revenue office.