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Transfer Stamp Refunds

There are three scenarios which may deem a resident eligible for a full refund of the transfer stamp purchase per the real estate transfer stamp tax ordinance 3-2-7:  

1.   Reinvestment: A grantor or seller who has paid to the Finance Director the transfer stamp tax shall be entitled to a refund of such tax within one year of the date of sale provided any such grantor or seller meets all of the following requirements:
 
         a.   He owned and occupied the dwelling on the property for which such tax was paid as his principal residence;
         b.   He did not rent or lease any portion(s) of the dwelling or real property sold to another person or persons;
         c.   He buys or builds a single-family dwelling or condominium unit within the Village corporate limits within one year from the payment of the tax sought to be refunded; and
         d.   He owns and occupies said single-family dwelling or condominium unit as his principal residence.
 
 2.   Senior Citizens: A grantor or seller who is a senior citizen and who has paid to the Finance Director the transfer stamp tax shall be entitled to a one-time only refund of such tax within one year of the date of sale, provided any such senior citizen grantor or seller meets all of the following requirements:
 
         a.   He is sixty five (65) years of age or older;
         b.   He owned and occupied the dwelling on the property sold or transferred, as his primary residence, for more than one year prior to its sale or transfer;
         c.   He did not rent or lease any portion(s) of the dwelling or real property to any other person or persons; and
         d.   That if such property was owned by more than one person, at least one of such owners was sixty five (65) years of age or older, and no other co-owner was less than sixty (60) years of age at the time of the sale or, if less than sixty (60) years of age, was either the spouse or child of the owner who was sixty five (65) years of age or older.
 
In the event any co-owner who is sixty five (65) years of age or older dies prior to the sale of a qualifying dwelling, the surviving co-owner who is at least sixty (60) years of age at the time of the sale of said dwelling shall be entitled to claim the above refund.

 3.   Immediate Family Members: A grantor or seller, who has paid to the Finance Director the provided transfer stamp tax shall be entitled to a  refund of such tax within one year of the date of sale, provided such grantor or seller meets all of the following requirements:
 
         a.   He owned and occupied the dwelling on the property for which such tax was paid as his principal residence;
         b.   He did not rent or lease any portion(s) of the dwelling on the property to another person or persons; and
         c.   He sold the property and dwelling in question to one of the following individuals: his child, parent, grandparent, brother, sister or grandchild. For purposes of this subsection, a step-parent, step-grandparent, step-sister, step-brother, step-child, and step-grandchild shall be included in the definitions of parent, grandparent, sister, brother, child and grandchild, respectively.

Click here for a copy of the Senior Refund Information Packet.
Click here for a copy of the Reinvestment Refund Information Packet.
Click here for a copy of the Immediate Family Members (Relative) Refund Information Packet.

For additional information contact the Finance Department at 708-499-7777.