Title 3, Chapter 36 of the Village Code imposes a tax on the transfer of title to real estate located in the village. The rate of the tax is $1 per $1,000 of value, or fraction thereof. See below for the different types of property transfers that require a real estate transfer stamp. The primary liability for the tax lies with the seller or grantor of the real estate.
There are several options to request a transfer stamp:
- Online, via email
- USPS Mail to the Village of Schaumburg
- FedEx or UPS
- In person at Village Hall, 101 Schaumburg Court.
In all cases, the appropriate application must be submitted (see below) and up to three (3) days of processing should be allowed.
For online requests, please email FinanceCollectors@schaumburg.com with the following information:
- Address of Property requiring the transfer stamp and closing date.
- Completed real estate transfer stamp application (see full consideration or exempt application below).
- Required paperwork specified in transfer stamp application.
- Name of individual and mailing address where transfer stamp should be mailed.
Prior to closing, the water department should be contacted to determine an estimated final water reading. Any overpayment of water will be refunded. After the stamp is approved, a confirmation will be emailed to you detailing the total payment due and directions for payment. The preferred way to pay for the transfer stamp and final water bill is to pay online with a credit card (2.25% service fee) or with an E-check ($0.50 service fee). A link for payment will later be provided.
If a self-addressed, postage paid envelope stamp is not provided with your request, your transfer stamp will be mailed to you at the current USPS first class postage rate of $0.55. The postage fee will be added to the final payment due. As an option, you may email a pre-paid FedEx or UPS label to FinanceCollectors@schaumburg.com to expedite processing.
Full Consideration Transfer Tax Declaration Form
Title 3, Chapter 36 of the Village Code imposes a tax on the transfer of title to real estate located in the village. The rate of the tax is $1 per $1,000 of value, or fraction thereof rounded to next full dollar. The issuance of a stamp may be delayed up to three (3) days if there are any code violations on the property.
There are various real estate transactions that are exempt from the transfer tax. A list of exempt transactions can be seen by opening the link in this section. A $10 processing fee is applied to all exempt transactions. A Certificate of Compliance form should be completed with the sale of all commercial rental properties.
Transfer Stamp Tax Rebate
A grantor or seller who has paid the tax may be eligible for a refund of the tax if he or she; (1) previously occupied the dwelling unit as a principal residence, (2) did not rent or lease any portion of the dwelling unit to another person, (3) subsequently purchases and occupies a dwelling unit within the village as principal residence within one year of the date of payment of the tax, and (4) requests the refund within six months of the date the subsequent Schaumburg property is purchased.
A refund for any unused transfer stamp will only be given within six months of the date of issuance. There is a processing fee of $10 that will be deducted from the refund.
A lost transfer stamp can be replaced. The lost stamp form must be completed, notarized, and submitted to the Village of Schaumburg before a replacement stamp can be issued.
For further information on the real estate transfer tax, refer to Title 3, Chapter 36 of the Village Code or contact the Finance Department at 847-923-4539 or email FinanceCollectors@schaumburg.com to request a transfer stamp by email.