The Illinois PTAX 203 A form is a supplemental declaration required for non-residential real estate transactions where the sale price exceeds $1 million. This form must be filed alongside the PTAX-203 and the original deed or trust document at the County Recorder's office, provided specific criteria are met. If you are involved in such a transaction, ensure you fill out this form accurately by clicking the button below.
The Illinois PTAX-203 A form, also known as the Real Estate Transfer Declaration Supplemental Form A, is a crucial document for non-residential property transactions where the sale price exceeds $1 million. This form must be filed alongside Form PTAX-203, the Illinois Real Estate Transfer Declaration, and the original deed or trust document at the County Recorder’s office in the county where the property is located. It is specifically required when the current use of the property falls under categories such as apartment buildings with more than six units, office spaces, retail establishments, commercial buildings, or industrial buildings. The form serves several purposes, including gathering detailed information about the property, the sale, and the parties involved. Key sections require the identification of the property, sale details, occupancy status at the time of sale, and any financing arrangements that may have influenced the sale price. Additionally, it includes a verification section where both the buyer and seller confirm the accuracy of the information provided. This form is essential for ensuring compliance with Illinois property transfer regulations and for assessing tax implications associated with the sale.
PTAX-203-A
Illinois Real Estate Transfer Declaration Supplemental Form A (Non-residential: sale price over $1 million)
File this form with Form PTAX-203, Illinois Real Estate Transfer Declaration, and the original deed or trust document at the County Recorder’s office within the county where the property is located if the following conditions are met:
•On Form PTAX-203, Line 11 the sale price is over $1 million, and
•On Form PTAX-203, Line 8 the property’s current use is marked “Apart- ment building (over 6 units),” “Office,” “Retail establishment,” “Commercial building,” “Industrial building,” or “Other.”
Please read the instructions on the back of this form.
Do not write in this area.
This space is reserved for the County Recorder’s Office use.
County:
Date:
Doc. No.:
Vol.:
Page:
Received by:
Step 1: Identify the property and sale information.
1Write the property’s street address, city or village, and township. (From Line 1 of Form PTAX-203)
_________________________________________________________________________________________________________
Street address of property (or 911 address, if available)
City or village
Township
2
Write the parcel identifying number from Line 3a of Form PTAX-203.
Parcel Identifier: _________________________________
3
Write the total number of months the property was for sale on the market.*
___ ___ Months
4aWas the improvement occupied on the sale date?* A “No” response means that all improvements
were totally unoccupied.
___ Yes
___ No
If the answer is “No,” write the total number of months all improvements were unoccupied
before the sale date. Go to Line 5.
4bWrite the approximate percentage of total square footage of improvements occupied or leased
on the sale date. Include all improvements.
_______ Percent
4cDid the buyer occupy the property on the sale date?
If the answer is “No,” go to Line 5.
4dWill the buyer continue to occupy part or all of the property after the sale?
4eWrite the beginning and ending dates of the buyer’s lease agreement.
Lease dates:_____ / _________ to _____ / _________
4f
Briefly describe any renewal options.
Month
Year
____________________________________________________________________________________________________________________________
5If the buyer owns other properties within an approximate one-half mile radius of the property, complete the following information for the two closest properties owned by the buyer.
Street address
Parcel identifying number
Property 1_________________________________________ ___________________________ _________________________
Property 2_________________________________________ ___________________________ _________________________
6
Did Line 12a of Form PTAX-203 include an amount for a transfer of personal property?
If the answer is “Yes,” submit a list of personal property transferred.*
7
Did the seller’s financing arrangements affect the sale price on Line 11 of Form PTAX-203?*
If the answer is “Yes,” please explain how the financing affected the sale price.
________________________________________________________________________________________________________
8In your opinion, is the net consideration for real property entered on Line 13 of Form PTAX-203 a fair
reflection of the market value on the sale date?___ Yes ___ No
If the answer is “No,” please explain.__________________________________________________________________________
Step 2: Complete the requested information.
The buyer and seller (or their agents) hereby verify that to the best of their knowledge and belief, the facts stated in this form are true and correct. Any person who willfully falsifies or omits any information required in this form shall be guilty of a Class B misdemeanor for the first offense and a Class A misdemeanor for subsequent offenses.
Seller’s or trustee’s name:
_________________________________________
Seller’s daytime phone:(
)
—
Address:____________________________________________________________________________________________________
City
State
ZIP
Seller’s or agent’s signature: _________________________________________
Date: _____________________________________
Buyer’s or trustee’s name:
Buyer’s daytime phone:(
Buyer’s or agent’s signature: _________________________________________
*See instructions.
PTAX-203-A (N-9/99)
This form is authorized in accordance with 35 ILCS 200/31-1 et seq. Disclosure of this information
is REQUIRED. This form has been approved by the Forms Management Center.
IL-492-0227
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Instructions for Completing Form PTAX-203-A
Line 3
Write the total number of months that the property was advertised for sale by a real estate agent, newspaper, trade publication, radio/electronic media, or a sign. If the property has been advertised for sale for more than 99 months, enter “99.”
Lines 4a through 4f
Line 4a — Answer “Yes” or “No” (indicate with an “X”) depending on whether or not the improvement (i.e., structure) was occupied on the sale date. If the property has more than one improvement, answer “No” only if all the improvements were totally unoccupied on the sale date.
If the answer to Line 4a is “No,” write the total number of months that all improvements were totally unoccupied before the sale date and go to Line 5. If the property has been unoccupied for more than 99 months, enter “99.” If the answer to Line 4a is “Yes,” go to Lines 4b and 4c.
Line 4b — Write the approximate percentage of the total square footage of all the improvements that was occupied or leased on the sale date. This applies to the improvements only, not the land.
Line 4c — Answer “Yes” or “No” (indicate with an “X”) depending on whether or not the buyer was a current occupant of the property at the time of the sale. If the answer is “No,” go to Line 5. If the answer is “Yes,” go to Line 4d.
Line 4d — Answer “Yes” or “No” (indicate with an “X”) depending on whether or not the buyer will continue to occupy part or all of the property after the sale. If the answer is “No,” go to Line 5. If the answer is “Yes,” go to Line 4e.
Line 4e — Write the beginning and ending dates of the buyer’s lease agreement, if applicable.
Line 4f — Briefly describe in the space provided any options to renew the lease agreement between the seller and the buyer.
Example: “10-year lease agreement with two 5-year options to renew; rental amount to be renegotiated at the time of renewal.”
Line 5
If the buyer owns other properties within an approximate one-half mile radius of the property, write the street addresses, the names of the cities or villages (if applicable), and the parcel identifying numbers of the two closest properties owned by the buyer. The PIN is printed on the real estate tax bill and assessment notice. The chief county assessment officer can assist you with this information.
Line 6
Answer “Yes” or “No” (indicate with an “X”) depending on whether or not Line 12a of Form PTAX-203 included an amount for personal property. If the answer is “Yes,” you must submit an itemized list of personal property transferred from the seller to the buyer. Include the value attributed to each item and on Form PTAX-203, Step 4, mark “Itemized list of personal property.” If you prepared a list for Line 12a of Form PTAX-203, do not prepare an additional list.
Line 7
Answer “Yes” or “No” (indicate with an “X”) depending on whether or not the amount on Line 11 of the Form PTAX-203 was affected by the seller monetarily participating in the financing arrangements. This includes, but is not limited to, seller paying points, seller providing all or a portion of the financing, etc. If the answer is “No,” go to Line 8.
If the answer is “Yes,” please explain, in the space provided, how the financing affected the sale price.
Line 8
Answer “Yes” or “No” (indicate with an “X”) depending on whether or not, in your opinion, the net consideration for real property entered on Line 13 of the Form PTAX-203 is a fair reflection of the market value on the sale date. If the answer is “Yes,” go to Step 2 of this form. If the answer to is “No,” please provide an explanation in the space provided.
Write the requested information for the seller and the buyer. Write the addresses and daytime phone numbers where the seller and buyer can be contacted after the sale. The seller and the buyer (or their agents) must sign this form. By signing the form, the parties involved in the real estate transfer verify that
•they have examined the completed Form PTAX-203-A;
•the information provided on this form is true and correct; and
•they are aware of the criminal penalties of law (printed in the instructions for Form PTAX-203) associated with falsifying or omitting any information on this form.
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Completing the Illinois PTAX-203 A form is an essential step in the real estate transfer process when specific conditions are met. This form must be filed alongside the PTAX-203 and the original deed or trust document at the County Recorder’s office in the appropriate county. Below are the steps to help you fill out the form accurately.
The Illinois PTAX-203 A form serves as a supplemental declaration for real estate transfers, specifically for non-residential properties sold for over $1 million. This form must be filed alongside the PTAX-203 form and the original deed or trust document at the County Recorder’s office in the county where the property is located. It collects essential information about the property and the sale, ensuring compliance with state regulations regarding property transfers.
The PTAX-203 A form is required when the sale price of the property exceeds $1 million and the current use of the property falls under specific categories, such as apartment buildings with more than six units, office spaces, retail establishments, commercial buildings, or industrial buildings. If these conditions are met, the form must be submitted to the County Recorder’s office along with the PTAX-203 form and the original deed or trust document.
Several key details must be filled out on the PTAX-203 A form, including:
Each of these pieces of information helps establish a clear understanding of the sale and its implications for tax purposes.
Providing inaccurate information on the PTAX-203 A form can have serious consequences. If a person willfully falsifies or omits required information, they may be charged with a Class B misdemeanor for the first offense and a Class A misdemeanor for subsequent offenses. This underscores the importance of accuracy and honesty when completing the form.
Both the seller and the buyer, or their respective agents, must sign the PTAX-203 A form. By signing, they verify that the information provided is true and correct to the best of their knowledge. This signature serves as a legal acknowledgment of the details outlined in the form and the associated penalties for misinformation.
As of now, the PTAX-203 A form must be submitted in person at the County Recorder’s office along with the original deed or trust document. Electronic submission is not currently an option. It is advisable to check with local authorities or the County Recorder’s office for any updates regarding submission methods or changes in regulations.
Missing Required Information: One common mistake is not filling in all the necessary details. For example, forgetting to write the property’s street address or the parcel identifying number can lead to delays. Always double-check that every required field is complete.
Incorrect Sale Price: Some people mistakenly enter the wrong sale price on Line 11. This can happen if they confuse the final sale price with other financial figures. Make sure the sale price is accurate and reflects the actual transaction.
Neglecting Occupancy Details: Failing to accurately report whether the property was occupied on the sale date is another frequent error. If all improvements were not occupied, it’s crucial to indicate that and provide the correct number of months unoccupied.
Omitting Signatures: Lastly, forgetting to sign the form is a common oversight. Both the seller and buyer must sign to validate the information. Without signatures, the form cannot be processed.
The Illinois PTAX-203 A form is a crucial document for real estate transactions involving non-residential properties sold for over $1 million. Alongside this form, several other documents are typically required to complete the transaction process. Below is a list of these forms and a brief description of each.
Understanding these documents is essential for anyone involved in real estate transactions in Illinois. Each form plays a significant role in ensuring the legality and transparency of the sale, protecting the interests of both buyers and sellers.
The Illinois PTAX-203 form is often accompanied by the PTAX-203-B, which is used for residential properties. Like the PTAX-203-A, this form collects information about the property, its sale price, and its use. However, the PTAX-203-B is specifically tailored for residential transactions, typically involving properties sold for less than $1 million. This distinction helps the state assess property values and ensures accurate tax calculations for different types of real estate transactions.
The PTAX-203-C form is another related document that serves as a declaration for properties sold at auction. Similar to the PTAX-203-A, it requires details about the sale and the property. However, it focuses on properties acquired through foreclosure or tax sales, providing information that helps the state track ownership changes and property values in these unique circumstances.
The PTAX-203-D form is designed for properties that are transferred between family members. While it shares similarities with the PTAX-203-A in terms of reporting the sale price and property details, it specifically addresses transactions that may not reflect typical market conditions. This form helps the state monitor family transfers and ensure they are appropriately assessed for tax purposes.
The PTAX-203-E form is used for properties that have undergone significant renovations or changes in use. Like the PTAX-203-A, it collects data on the sale price and property details, but it also requires information about the improvements made. This additional data is vital for assessing the current market value and ensuring accurate taxation based on the property's enhanced features.
The PTAX-203-F form is similar to the PTAX-203-A but is specifically for properties that are being sold as part of a business transaction. This form captures details about the sale price, the business's operational status, and any personal property included in the sale. It helps state officials evaluate the business's value and the overall impact on local economic conditions.
The PTAX-203-G form is used for properties that are part of a mixed-use development. Like the PTAX-203-A, it requires information about the sale price and property details, but it also addresses the various uses of the property, such as residential and commercial components. This form helps the state understand the complexities of mixed-use properties and their contributions to the local economy.
The PTAX-203-H form is for properties that are being sold as part of a 1031 exchange, a tax-deferred exchange of investment properties. Similar to the PTAX-203-A, it collects information about the sale price and property details but also requires additional disclosures about the exchange process. This form is essential for ensuring compliance with tax regulations surrounding 1031 exchanges.
The PTAX-203-I form is utilized for properties that are transferred as part of a charitable donation. While it shares similarities with the PTAX-203-A in terms of documenting the sale price and property information, it also requires details about the charitable organization receiving the property. This helps ensure that the state accurately assesses the value of charitable contributions for tax purposes.
The PTAX-203-J form is designed for properties sold through a short sale. Similar to the PTAX-203-A, it requires information about the sale price and property details but also includes questions about the seller's financial situation. This form is crucial for understanding the implications of short sales on property values and tax assessments.
Lastly, the PTAX-203-K form is used for properties that are transferred due to a divorce settlement. While it follows the same general format as the PTAX-203-A, it specifically addresses the unique circumstances surrounding property division in divorce cases. This form helps the state track ownership changes resulting from personal legal matters.
When filling out the Illinois PTAX 203 A form, it is essential to approach the process with care. Here are nine important guidelines to follow, along with some common pitfalls to avoid.
By adhering to these guidelines, you can help ensure a smooth filing process for the Illinois PTAX 203 A form. Take your time, double-check your information, and reach out for assistance if needed. It is important that all parties involved feel confident and informed throughout this process.
Understanding the Illinois PTAX 203 A form can be challenging, and there are several misconceptions that can lead to confusion. Here are nine common misunderstandings about this form:
By clarifying these misconceptions, individuals can better navigate the requirements of the Illinois PTAX 203 A form and ensure compliance with local regulations.
The PTAX-203-A form is required for non-residential property sales in Illinois where the sale price exceeds $1 million.
This form must be filed alongside the PTAX-203 and the original deed or trust document at the County Recorder’s office.
Ensure that the property’s current use is correctly marked on Form PTAX-203. Acceptable uses include “Apartment building (over 6 units),” “Office,” “Retail establishment,” “Commercial building,” and “Industrial building.”
Begin by providing accurate property and sale information, including the street address, city, and parcel identifier number.
Indicate how long the property was on the market. If it was listed for over 99 months, simply enter “99.”
Answer questions regarding occupancy status on the sale date, including whether the buyer will occupy the property after the sale.
Be prepared to disclose any personal property included in the sale. If applicable, submit a detailed list of such items.
Consider the impact of seller financing on the sale price. If it affected the price, provide a clear explanation.
Both the buyer and seller must sign the form, verifying that all information is accurate and acknowledging the legal consequences of providing false information.