The real-estate transfer tax increase was passed by city council with a 41-6 vote-and not everyone is happy! It would raise the cost of real estate purchases from $7.50 per 1,000 to $10.50-a 40% increase or (on a $300,000 home, an increase of $900).
This increase will bailout the Chicago Transit Authority, averting service cuts and its pension system. Seniors who purchase low-priced homes will avoid the increase (if owner occupied). The increase will take affect April 1st, 2008. To learn more about the increase, visit: http://www.cityofchicago.org/
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