What is the Sycamore Transfer Tax?

The City of Sycamore has a Sycamore Transfer Tax--some call it the "Welcome to Sycamore" tax. It is .5% so that makes it $500 on every $100,000 of the sales price of a home. It only applies to buyers who are not residents currently or who have not been renters in Sycamore for over one year. To be exempt you will have to prove you have lived in Sycamore for over one year or show rent checks to the landlord for the last 12 months. It is paid to the City of Sycamore prior to closing and you are given a stamp that goes on the deed (DO NOT LOSE THAT STAMP--THEY WILL NOT REPLACE IT). You must take a copy of the front page of the contract with you for them to issue it so they know exactly what the home sold for and there is paperwork, on the City of Sycamore website, you fill out and submit with the contract front page. This tax is for the buyers but can be negotiated with the seller on the contract and the seller is allowed to pay the tax for the buyer but it must be negotiated in the contact for that to happen. A check for the amount of the tax can be taken care of at closing if the buyer or seller does not have the funds for it prior to the closing. Some title companies charge a fee to go get the stamp and sometimes the Realtor will run over to the city building and get the stamp for you and bring it back to the closing or right after the closing.