The Illinois legislature is still preparing to vote on an increase to the transfer tax to pay for mass transit. For the average police officer, firefighter, health care worker and teacher this increase would be over $900 on the average priced home. This will delay some in purchasing a home and will contribute to slowing down the market.. This bill would also authorize the Chicago City Council to increase its real estate transfer tax (currently $7.50 per $1,000 paid by the buyer) WITHOUT A REFERENDUM but merely by passage of an ordinance. The ordinance for the "supplemental" real estate transfer tax increase of up to $3 per $1,000 would be for the sole purpose of providing financial assistance to the CTA for funds for debt service for the pension bond. The city would have to enter into an intergovernmental agreement with the CTA-the term of the intergovernmental agreement is to be "for a term expiring no earlier than the final maturity of bonds or notes that it proposes to issue" for pension bonds - stated to be the year 2039!
An increase of $3 per $1,000 represents a whopping 40% TAX INCREASE in the City's real estate transfer tax imposed on the city's property owners.
Chicago REALTORS® have long understood the linkage between transportation policy and housing. Chicago REALTORS® want to build Chicago and make it stronger. Chicago REALTORS® work to encourage people to live, work and play in Chicago. We oppose all Real Estate Transfer Tax increases that inhibit this City's growth.
CONTACT MAYOR DALEY TODAY AND ASK HIM TO OPPOSE THE PROPOSED INCREASE IN THE CHICAGO REAL ESTATE TRANSFER TAX
AT 312-744-3300
CALL YOUR ALDERMAN AT THEIR LOCAL WARD OFFICE TODAY AND TELL THEM
NO INCREASE IN THE CHICAGO REAL ESTATE TRANSFER TAX FOR TRANSIT!
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