The Chicago City Council voted yesterday to raise the buyer transfer tax by 40%! The buyer transfer tax is paid by the buyer when purchasing a home. Currently the tax is $7.50 per $1,000 sales price. So the tax on a $300K purchase is $2,250 (7.5 * 300). Starting April 1st, the tax on the same purchase price will be $3,150! For more details on the tax increase see the Chicago Tribune article, “City tax hike puts cap on CTA bailout”
If you’ve been thinking about buying a home in Chicago this year, you need to be home hunting now so you can close the sale before the tax increases on April 1st! If you have questions about this, call me at 847.890.5270 or email me at fran.bailey@chicagometroarearealestate.com.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
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Fran, you just have to wonder what the city is thinking. I suspect Evanston and Oak Park (and other ‘hip’, nearby suburbs) will be the beneficiary of this travesty!
This is amazing. Here you have an industry that is in it’s worst shape in decades and some wise city councilmen find it a good place to add a 40% tax increase. Really speaks highly of their intellect.
That just leaves less money for folks to put back into their homes. Less money to protect their investment with a home inspection. Less money for real improvements.
More money for corrupt political cronies and inefficient government.
This results in a slower economy overall lowering the quality of life for most.
When are people going to wake up?
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