The current real estate transfer tax rate is 0.3%, which is $3 per thousand. This tax is levied against the buyer of real property within the Village and is calculated using the sale price of the real estate property. There is a rebate available (67%) to Village residents that sell a home in Niles and buy another in Niles within 12 months. The transfer tax was adopted by the Village Board in 1990 (Ordinance 90-18) and generates 1.4% of the Village's General Fund revenues.
The five year history, by fiscal year, for real estate transfer tax collections is as follows:
2022 | $971,574 |
2021 | $561,566 |
2020 | $789,875 |
2019 | $688,958 |
2018 | $813,945 |