Selling a Home in Bloomington, Illinois
Bloomington sits in McLean County. Illinois sellers pay a layered transfer tax — state, county, and (in some municipalities) a city-level tax on top. The calculator above applies the correct rates for Bloomington automatically, alongside agent commissions, the owner's title insurance policy, attorney and escrow fees, and recording fees.
Bloomington Transfer Tax & Closing Costs
Illinois closings are typically handled by a real estate attorney. The seller customarily pays the owner's title insurance policy, the state and county transfer tax stamps, and any municipal transfer tax. Cook County (Chicago) sellers should budget for the additional CTA portion of the city transfer tax. Recording fees in McLean County are a small fixed cost at closing.
How to Estimate Your Bloomington Net Proceeds
- Sale Price: Start with the agreed contract price for your Bloomington property.
- Mortgage Payoff: Subtract your remaining loan balance and accrued interest.
- Transfer Taxes: Apply the state, county, and any city-level transfer tax.
- Closing Costs: Deduct commissions, owner's title insurance, attorney/escrow, and recording fees.
Bloomington Net Proceeds = Sale Price − Mortgage Payoff − Commissions − Transfer Taxes − Closing Costs