What is a P-Tax 203 for Illinois?

[Steve Rogers]

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

[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.