industry: City Transfer Tax Stalls Local Economy and Penalizes Wrong Side - 02/16/08 01:39 PM
The City of Chicago has passed the increase of the transfer tax buyers pay on a property transfer. The rate has been raised from $7.50 per $1000 purcahsed to $10.50/1000.
This money as you probably know has been approved to pay the budget deficit for the CTA budget woes.
An average Lakeview condo sells for $380K. The buyers transfer tax would have been $2850 paid to the city coffers.
Starting April 1, the tax (sorry "transfer stamps") due from the buyer on that same average condo will be $3990!
The politicians are working on getting a stimulus package to jump start the economy by issuing … (6 comments)

 
Jim Gramata, GREEN sales brokerage and construction guru (The Gramata Realty Group @properties)

Jim Gramata

GREEN sales brokerage and construction guru

Chicago, IL

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The Gramata Realty Group @properties

Address: 548 W Webster Avenue, Chicago, IL, 60614

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