What is a P-Tax 203 for Illinois?

8 Replies

In December 2017 I quit claimed a property to someone else, it was then filed with the Chicago Cook County Recorder of deeds office.

My lawyer who filed the quit claim said that a P-TAX was submitted to get the deed recorded.

Please explain to me what this is.

Also I would like to know, since property taxes stay with the property.  Is only the current owner responsible for property taxes? If a property gets foreclosed on because taxes aren't paid, does only the current owner's credit get slammed?  

I'm moving out of Illinois soon and want to make sure I have 100% zero liability with this property, I need to wrap this stuff up before I leave.  Thanks

@Steve Rogers did you pay any tax at that time? In most areas of cook county sellers pay transfer taxes to the state, county and in many cases the local municipality. I know the state charges $1 per $1,000 of sales price and cook county charges $.25 per $500. Some local municipality can also be quite expensive, but you would need to look this up. Here is a link: 

http://www.nwmetro.ctic.com/UploadedDocuments/Form...

The thing is, you would have paid this when you did the quit claim deed, so you should not have an outstanding liability. Taxes are paid in arrears here in Illinois, and I don't believe you would have any liability. Again, just check in with the attorney who did the quit claim deed. He/She should have explained anything like this to you. 

Originally posted by @John Warren :

@Steve Rogers did you pay any tax at that time? In most areas of cook county sellers pay transfer taxes to the state, county and in many cases the local municipality. I know the state charges $1 per $1,000 of sales price and cook county charges $.25 per $500. Some local municipality can also be quite expensive, but you would need to look this up. Here is a link: 

http://www.nwmetro.ctic.com/UploadedDocuments/Form...

The thing is, you would have paid this when you did the quit claim deed, so you should not have an outstanding liability. Taxes are paid in arrears here in Illinois, and I don't believe you would have any liability. Again, just check in with the attorney who did the quit claim deed. He/She should have explained anything like this to you. 

I quit claimed the property for free 100%, didn't get a penny from it, didn't sell it, just gave it.  All I paid was a lawyer $500 to file the quit claim and he said that he filed a PTax or whatever to get the deed recorded and that's about it.  

My attorney who filed the deed has stated that I don't owe any taxes and that taxes, both current and back taxes that were sold, are tied to the property.  Basically I want to be 100% clear and free of this property and not have to deal with it ever again.  

The P-Tax form 203 is an "Illinois Real Estate Transfer Declaration. The tax is based upon the helpful decisions of the legislature in Springfield and the sales price of the property. Higher the price the higher the tax. We have several other P-Tax forms for exceptions and other things. 

The Ptax is for calculating the collection of transfer taxes and tells the county who the new taxpayer of record will be going forward. The transferee on the ptax will get the delinquent tax bill.

Originally posted by @Bob Floss II :

The Ptax is for calculating the collection of transfer taxes and tells the county who the new taxpayer of record will be going forward. The transferee on the ptax will get the delinquent tax bill.

OK so just to make sure, the person who I quit claimed the property to, the "transferee" is now responsible for all the delinquent taxes?