If a property sells for $150,600, how much will the Illinois state and county transfer tax stamps reflect?

To determine the amount for the Illinois state and county transfer tax stamps on the sale of a property, one must refer to the tax rates applied in the state. The state transfer tax in Illinois is $0.50 for every $500 of the sale price.

First, calculate the state portion of the transfer tax for the sale price of $150,600. Divide the sale price by $500 to find the number of $500 increments:

$150,600 ÷ $500 = 301.2

Since you only charge for whole increments, this rounds down to 301. Multiply this number by the state tax amount:

301 × $0.50 = $150.50

Next, there is also a county transfer tax to consider. In Cook County, the rate is generally higher, at $0.25 for each $500.

Now, using the same division for the county tax:

301 increments × $0.25 = $75.25

Adding both the state and county taxes together gives a total of:

$150.50 (state tax) + $75.25 (county tax) = $225.75

Hence, upon evaluating the provided answer selections, the correct total of Illinois state and county transfer