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.
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