The Cook County Recorder of Deeds has announced, effective January 21, 2019, the requirement to include an electronically-completed Cook County Real Estate Transfer Tax Declaration (aka, a “MyDec”) when recording property conveyances will expand to include all of Cook County.
Previously, the requirement applied only to City of Chicago transactions. and is being extended to all property in Cook County, including “exempt” and “non-exempt” transfers. This requirement does not alter any local municipal requirements for transferring property, which are separate. A MyDec must be submitted, even if the instrument is accompanied by a Grantor/Grantee Affidavit.
In addition to the ability for attorneys to complete these forms online, the Cook County CCRD is introducing full-service capability for MyDec in all offices, including the ability to sell and print MyDec revenue stamps.
The rules governing Cook County’s Real Estate Transfer Tax can be found in the County Code, Article III. Please note that this tax is assessed by Cook County, not the Recorder of Deeds, which acts as a collection authority on behalf of the County. Section 74-107 empowers the Recorder of Deeds to control the declaration form and information reported.
Byrne Law will continue to provide news and updates on matters affecting the Illinois real estate community. If you have further questions, please contact Sean Byrne.