Sell a house or other real estate in Chicago, and the city will take a bite of the proceeds under a measure that won council approval Wednesday.
Sellers, who now pay combined real estate transfer taxes of $1.50 per $1,000 of sales price to Cook County and the state, will be required to pay an additional $3 per $1,000 to the city beginning April 1 under the action.
Senator Barack Obama represents Illinois and is running for President of the United States.
The $3 charge was to have been imposed on property buyers. But because they already ante $7.50 per $1,000 to the city, Ald. Patrick O'Connor (40th) proposed that the pain be shared. His measure, endorsed by Mayor Richard Daley, won council approval by a 49-0 vote without debate.
The $3 increase represents the final legislative piece of a Chicago Transit Authority funding plan passed by the General Assembly in January. The state law also will increase the sales tax in the Chicago area by at least a quarter cent per dollar.
03-19-2008, 10:11 AM
Chicago Illinois Real Estate Tax Increase Approved
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