Chicago Real Estate Transfer Tax increase

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Chicago Real Estate Transfer Tax increase


Chicago increases the city transfer tax on real estate transactions in the city as part of CTA bailout.

Effective 1 April 2008 the Chicago Real Estate Transfer Tax will increase to $10.50/$1,000 of purchase price.On March 12, 2008 the City Council amended the tax increase so that the tax increase $3/$1,000) will be imposed on the Seller. 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.

Senior citizens who purchase a house or condo worth less than $250,000 might be eligible for a refund of the tax paid.

The increase means the Chicago real estate transfer tax will be $10.50 per thousand dollars of sales price.  This is not completely out of line as Evanston already charges $10 per thousand dollars of sales price.



Comments (8)

Mary Warren
Las Vegas, NV
$10.50 per thousand seems like A LOT to me.  In NV the transfer tax is $5.10 per thousand....with the price of houses it comes out to several thousand dollars!  Nice info on your first blog - welcome to Active Rain!
Mar 22, 2008 06:28 PM
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!
In New Jersey our current Home Sales Tax (Realty Transfer Fee) has been increasing over the last few years.  It's split between the state and county.  Now the Legislature want to let municipalities in on the action, and allow assessment of a local home sales tax.  They don't seem to understand the ripple effect this has.  Our state association NJAR has been very active in its opposition, and successful so far!   
Mar 22, 2008 10:48 PM
Laura Karambelas
Baird & Warner Downers Grove - Downers Grove, IL
Realtor - Downers Grove
Edward- I can't believe they raised that.  Atleast they split the amount...7.50/1000 for buyers and 3.00/1000 sellers.  Hopefully this will bail out the CTA!!!
Mar 22, 2008 11:06 PM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

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Troy Trumm
Mar 23, 2008 10:08 AM
Dwayne West
Atlanta Real Estate - Canton, GA
Canton Georgia Real Estate
Welcome to the Active Rain community. You have chosen a great site with tons of information you can learn from
Mar 24, 2008 03:09 AM
Danny Thornton
R & D Art - Knoxville, TN
WordPress Guru
Edward, first, let me welcome you to ActiveRain. Secondly, thanks for blogging here in the Rain on your first day. And lastly, if there is anything that I can do for you to help your experience here in ActiveRain a better one, please do not hesitate to ask.
Mar 24, 2008 09:45 AM
Rick Sergison
EXP Realty of Canada Inc., Brokerage - Pickering, ON
Durham Region Real Estate Blog

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Mar 24, 2008 11:04 AM