A tool designed to determine the amount due to the City of Chicago and, in some instances, Cook County, when real estate ownership changes hands. These calculations are based on the sale price of the property and are subject to specific tax rates established by the local government. For example, a property sold for $500,000 will incur a specific tax liability that this tool accurately calculates.
The utility of such a device lies in its ability to provide clarity and predictability in real estate transactions. It ensures compliance with local tax regulations, prevents unexpected financial burdens, and aids in accurate financial planning for both buyers and sellers. Historically, manually calculating these taxes was prone to errors and inefficiencies; this device mitigates these issues.