Friday, November 30, 2007
Des Plaines
The city of Des Plaines recently proposed a putting referendum on the February 5th Primary ballot which would have asked voters to raise the real estate transfer tax by $1.00 per $1,000. There current transfer tax is $2.00 per $1,000. I issued a letter to the Mayor of Des Plaines and member of the City Council on behalf of RANWC opposing the proposed measure. RANWC Legislative South Committee Chairman Chuck Wiercinski appeared before the city council committee of the whole meeting to speak in opposition to the proposal too. I am pleased to announce that we were able to defeat the proposal and it will not appear on the ballot. I would like to thank Chuck Wiercinski for his help in defeating this proposal.
Friday, November 16, 2007
Water Rate Increases
Water rate increases seem to be a common theme amongst area municipalities. Find below articles on Arlington Heights, Bartlett, and Carpentersville.
From the Daily Herald
http://www.dailyherald.com/story/?id=77120
http://www.dailyherald.com/story/?id=50265
http://www.dailyherald.com/story/?id=72396
From the Daily Herald
http://www.dailyherald.com/story/?id=77120
http://www.dailyherald.com/story/?id=50265
http://www.dailyherald.com/story/?id=72396
Recall Debate
While this subject is not directly related to the real estate industry, it would have a direct impact on our state government which ultimately would impact our industry. Whether it is a positive or negative impact...well that is up for you to determine.
For the last couple of months several legislators on both sides of the isle have discussed allowing the voters of Illinois the option to allow for recall elections of elected officials. As you probably remember this was how Governor Schwarzenegger was first elected as the Chief Executive of California.
State Senator Dan Rutherford is the latest elected official in Illinois to continue this discussion. Please find below more on this in Bernie Schoenburg's column from the State Journal Register today.
Rutherford and recall
State Sen. DAN RUTHERFORD, R-Chenoa, since 1995 has had a political action committee, separate from his campaign fund, called the Committee for Legislative Action. Rutherford is using that group to contact voters about the idea of allowing recall of public officials in Illinois.
Rutherford said last week that about 50,000 letters were mailed to explain the existence of a proposal to allow for "recall of an elected official, such as the Governor." The letter notes that if the existing proposed constitutional amendment were enacted, it would take more than 418,000 signatures to place a recall question on the ballot.
"The CLA has been asked to help gauge public support" for the idea of having recall, the letter states. The group hopes to see if 50 percent of the number necessary would register their support. That would be more than 209,000.
Rutherford said that effort is "kind of letting people know how much of a task this would be."
When asked if he's really the one who "asked" his own group to do this, Rutherford said, "in a sense." And while some people who get the letter might think otherwise, a close reading of the document makes it clear that returning the enclosed ballot has no weight in law. This isn't for a real recall; this is to see if people like the idea of recall.
Oh, and the letter asks recipients to send in $29 each as the "minimum to help," or $41 "RECOMMENDED - to buy a roll of stamps," or more. Rutherford said any contributions are just to help with the mailings. It's not a fund-raising effort, he said, and his regular campaign fund makes donations to CLA.
As of late last week, he said, something under 3,000 responses had been received. Percentages, but not raw numbers of votes received, are being posted on the Web site of the PAC, www.CommitteeForLegislativeAction.org. While letters were being sent to voters selected randomly, Rutherford said, the Web site and e-mails are also seeking responses. Thus, this is not scientific.
As of last week, however, 95 percent of those who responded favored the power to recall, but when asked specifically if Gov. ROD BLAGOJEVICH should be recalled, only 72 percent said yes.
Rutherford, who was the GOP candidate for secretary of state in 2006, said the effort to get the word out about the issue is also instructive to him. He called it "telling" that there's more than a 20-point spread between those who want recall and those who want to recall the current governor.
Despite what the request is showing, he said, "My initial feeling is that we should not be having recall as part of the constitution. I think that what we are sensing here is a reaction to a personality as opposed to what is fundamentally appropriate to be in the constitution."
The CLA's stated purpose is to support candidates as well as issues. Other issues it has highlighted have been fee increases passed early in the Blagojevich administration and a proposal back in the mid-1990s to create a sales tax on services.
Bernard Schoenburg is political columnist for The State Journal-Register. He can be reached at 788-1540 or bernard.schoenburg@sj-r.com.
http://www.sj-r.com/Opinion/stories/20116.asp
For the last couple of months several legislators on both sides of the isle have discussed allowing the voters of Illinois the option to allow for recall elections of elected officials. As you probably remember this was how Governor Schwarzenegger was first elected as the Chief Executive of California.
State Senator Dan Rutherford is the latest elected official in Illinois to continue this discussion. Please find below more on this in Bernie Schoenburg's column from the State Journal Register today.
Rutherford and recall
State Sen. DAN RUTHERFORD, R-Chenoa, since 1995 has had a political action committee, separate from his campaign fund, called the Committee for Legislative Action. Rutherford is using that group to contact voters about the idea of allowing recall of public officials in Illinois.
Rutherford said last week that about 50,000 letters were mailed to explain the existence of a proposal to allow for "recall of an elected official, such as the Governor." The letter notes that if the existing proposed constitutional amendment were enacted, it would take more than 418,000 signatures to place a recall question on the ballot.
"The CLA has been asked to help gauge public support" for the idea of having recall, the letter states. The group hopes to see if 50 percent of the number necessary would register their support. That would be more than 209,000.
Rutherford said that effort is "kind of letting people know how much of a task this would be."
When asked if he's really the one who "asked" his own group to do this, Rutherford said, "in a sense." And while some people who get the letter might think otherwise, a close reading of the document makes it clear that returning the enclosed ballot has no weight in law. This isn't for a real recall; this is to see if people like the idea of recall.
Oh, and the letter asks recipients to send in $29 each as the "minimum to help," or $41 "RECOMMENDED - to buy a roll of stamps," or more. Rutherford said any contributions are just to help with the mailings. It's not a fund-raising effort, he said, and his regular campaign fund makes donations to CLA.
As of late last week, he said, something under 3,000 responses had been received. Percentages, but not raw numbers of votes received, are being posted on the Web site of the PAC, www.CommitteeForLegislativeAction.org. While letters were being sent to voters selected randomly, Rutherford said, the Web site and e-mails are also seeking responses. Thus, this is not scientific.
As of last week, however, 95 percent of those who responded favored the power to recall, but when asked specifically if Gov. ROD BLAGOJEVICH should be recalled, only 72 percent said yes.
Rutherford, who was the GOP candidate for secretary of state in 2006, said the effort to get the word out about the issue is also instructive to him. He called it "telling" that there's more than a 20-point spread between those who want recall and those who want to recall the current governor.
Despite what the request is showing, he said, "My initial feeling is that we should not be having recall as part of the constitution. I think that what we are sensing here is a reaction to a personality as opposed to what is fundamentally appropriate to be in the constitution."
The CLA's stated purpose is to support candidates as well as issues. Other issues it has highlighted have been fee increases passed early in the Blagojevich administration and a proposal back in the mid-1990s to create a sales tax on services.
Bernard Schoenburg is political columnist for The State Journal-Register. He can be reached at 788-1540 or bernard.schoenburg@sj-r.com.
http://www.sj-r.com/Opinion/stories/20116.asp
Thursday, November 15, 2007
Legislative Breakfast a Success
I would like to thank Senator Michael Bond for joining us for our legislative breakfast at our Libertyville location. RANWC members had the opportunity to hear from Senator Bond and pose any questions that they wanted. A special thanks to RANWC Director of Member Services Mike Manno for all of his help in preparing for this breakfast.
Monday, November 5, 2007
Governor OKs new mortgage counseling
www.chicagotribune.com/business/chi-sat_predatory_1103nov03,0,6687202.story
chicagotribune.com
Governor OKs new mortgage counseling
Measure broadened to all of Cook County
By Mary Umberger
Tribune staff reporter
November 3, 2007
Gov. Rod Blagojevich on Friday signed into a law a bill that revamps and broadens a controversial measure that requires mortgage counseling for many home buyers in Cook County. The law also toughens disclosure and other responsibilities for mortgage brokers around the state.The law replaces one known as HB 4050 that took effect in September 2006. Blagojevich suspended that measure in January over complaints that it promoted redlining because it required counseling for home buyers only in certain Chicago ZIP codes with sizable minority populations. The critics also said the complex provisions caused lending to dry up in the affected areas.The new law has some requirements that affect all of Illinois; others apply only in Cook County.The statewide provisions take effect June 1 and require mortgage brokers to verify that borrowers can afford the full costs of a loan, including principal, interest and taxes, according to the governor's office.All brokers in Illinois also must fully disclose material facts about the loans, such as how much the broker will be paid, and it limits some prepayment penalties.Such provisions are drawing opposition from many in the housing industry, who say it will create bureaucratic delays and make homes more expensive because it imposes a $300 counseling fee, payable by the mortgage broker."If sales were slowed down in the few months that 4050 was in effect, what's going to happen further to the real estate market in Cook County?" said Scott Cheffer, a title insurance agent in Oakbrook Terrace who lobbied against the law in Springfield. "We're going to have to wait and see."The law changes the HB 4050 program by mandating counseling by loan type rather than the credit scores of borrowers, and it expands the requirement to all of Cook County.Starting July 1, it will require counseling for first-time buyers and refinancers in Cook who obtain an interest-only loan; loans with negative amortization, causing the principal to increase; loans with points and fees that total more than 5 percent of the loan amount; loans with a prepayment penalty; or an adjustable-rate mortgage of three years or less.Susan Hofer, a spokesman for the Illinois Department of Financial and Professional Regulation, said the counseling will help prevent foreclosures by giving borrowers a better understanding of the complexities of mortgage loans.She also said the state on Friday announced a series of programs, called Homeowner Outreach Days, in November and December that will allow consumers worried about foreclosure to meet with and get help from lenders, housing counselors and housing officials."It's important that we help families deal with foreclosure, and signing legislation to reduce potentially predatory loans in the future will help prevent the problem," Hofer said. "The legislation will take effect next summer, but we have families who are facing foreclosure between now and then, and the outreach days are to help them."----------mumberger@tribune.com
Copyright © 2007, Chicago Tribune
chicagotribune.com
Governor OKs new mortgage counseling
Measure broadened to all of Cook County
By Mary Umberger
Tribune staff reporter
November 3, 2007
Gov. Rod Blagojevich on Friday signed into a law a bill that revamps and broadens a controversial measure that requires mortgage counseling for many home buyers in Cook County. The law also toughens disclosure and other responsibilities for mortgage brokers around the state.The law replaces one known as HB 4050 that took effect in September 2006. Blagojevich suspended that measure in January over complaints that it promoted redlining because it required counseling for home buyers only in certain Chicago ZIP codes with sizable minority populations. The critics also said the complex provisions caused lending to dry up in the affected areas.The new law has some requirements that affect all of Illinois; others apply only in Cook County.The statewide provisions take effect June 1 and require mortgage brokers to verify that borrowers can afford the full costs of a loan, including principal, interest and taxes, according to the governor's office.All brokers in Illinois also must fully disclose material facts about the loans, such as how much the broker will be paid, and it limits some prepayment penalties.Such provisions are drawing opposition from many in the housing industry, who say it will create bureaucratic delays and make homes more expensive because it imposes a $300 counseling fee, payable by the mortgage broker."If sales were slowed down in the few months that 4050 was in effect, what's going to happen further to the real estate market in Cook County?" said Scott Cheffer, a title insurance agent in Oakbrook Terrace who lobbied against the law in Springfield. "We're going to have to wait and see."The law changes the HB 4050 program by mandating counseling by loan type rather than the credit scores of borrowers, and it expands the requirement to all of Cook County.Starting July 1, it will require counseling for first-time buyers and refinancers in Cook who obtain an interest-only loan; loans with negative amortization, causing the principal to increase; loans with points and fees that total more than 5 percent of the loan amount; loans with a prepayment penalty; or an adjustable-rate mortgage of three years or less.Susan Hofer, a spokesman for the Illinois Department of Financial and Professional Regulation, said the counseling will help prevent foreclosures by giving borrowers a better understanding of the complexities of mortgage loans.She also said the state on Friday announced a series of programs, called Homeowner Outreach Days, in November and December that will allow consumers worried about foreclosure to meet with and get help from lenders, housing counselors and housing officials."It's important that we help families deal with foreclosure, and signing legislation to reduce potentially predatory loans in the future will help prevent the problem," Hofer said. "The legislation will take effect next summer, but we have families who are facing foreclosure between now and then, and the outreach days are to help them."----------mumberger@tribune.com
Copyright © 2007, Chicago Tribune
Springfield Update
Illinois Association of REALTORS
Quorum Call Week in Review
November 2, 2007
Highlights of key activity at the State Capitol this week and a preview of key activity for the week ahead.
Quorum Call is distributed Fridays when the Illinois General Assembly is in session. For more information, contact Greg St. Aubin, Director of IAR Governmental Affairs, gstaubin@iar.org, or Julie Sullivan, Assistant Director, Legislative and Political Affairs, jsullivan@iar.org. Full text of legislation cited in this newsletter can be found at www.ilga.gov.
“Information is the currency of democracy.”
~Thomas Jefferson
- The Illinois House of Representatives reconvened on Thursday, November 1 and the Illinois State Senate reconvened on Friday, November 2nd this week for the discussion of the mass transit issue and for final passage of the 2008 Budget Implementation Act.
- While both the House and Senate held hearings on the transit issue- NO final action occurred on either of the bills dealing with mass transit (Senate Bill 572 in the House or House Bill 3667 in the Senate). On Thursday, the House Mass Transit Committee held yet another hearing on the long term operations and capital funding for mass transit in Illinois and for consideration of House Amendment #10 to Senate Bill 572. At this hearing, the sponsor of the measure, Representative Julie Hamos, presented the latest amendment that contained the same funding mechanisms- a regional sales tax increase and authority for the city of Chicago to increase its real estate transfer tax without referendum. Also at this hearing, officials from the RTA and CTA reiterated that the latest “doomsday” scenario, effective November 4th, deep service cuts and fare increases would occur. The hearing also included discussion of alternate plans that had been suggested (see HB 4161 discussed below). Additionally Representative Jim Durkin filed House Amendment #11 which sought to sunset the sales tax and real estate transfer tax increases after three years. This amendment was not formally considered and remains in the House Rules Committee. Members of the Senate Executive Committee grilled the RTA and the CTA in a heated hearing on Friday afternoon. The Senators objected not only to the proposed House funding mechanisms but also questioned current and past operational issues of both the RTA and the CTA. IAR was on record in both hearings as an OPPONENT to the real estate transfer tax funding proposal. It was definitely the feeling in the Statehouse that momentum has begun to shift away from the new taxes as alternative plans begin to be given serious consideration in both chambers. Representative Fred Crespo was particularly helpful in the House Mass Transit Committee pointed to the many flaws of increasing the real estate transfer tax. THANK YOU TO ALL WHO HAVE CONTINUED TO RESPOND TO THE CALLS TO ACTION ON THIS ISSUE. IAR HAS BEEN THE CONSISTENT VOICE AGAINST SB 572!
- As noted, the House Republicans formally introduced an alternate mass transit plan this week. On Thursday Representative Angelo “Skip” Saviano introduced House Bill 4161 as the alternative plan which does NOT include a real estate transfer tax increase NOR a regional sales tax increase. HB 4161 relies on small fare increases coupled with use of the current sales tax collected on the sales of motor fuel in the counties that encompass the RTA region. Since the proceeds of this sales tax are currently deposited into the State’s General Revenue Fund there will be further discussion on how this will impact the State budget and if some other replacement revenue stream will need to be proposed. IAR applauds the efforts of the caucus to proactively pursue this alternative to the transfer tax increase/sales tax increase. The bill will continue to be discussed by the legislative leaders who pledged to continue working over the next 5-10 days on resolving this issue along with the capital plan and gaming expansion issue.
- Another important development on the issue also occurred on Friday as the Governor authorized a grant of $27 million to the CTA and the suburban bus board (Pace) to avert the scheduled fare hikes and service cuts the two boards had indicated would occur on Sunday. The grant is expected to keep the full schedule of buses and trains in operation through the end of the year as negotiations continue for a long term resolution of the issue.
- On Friday the Governor signed into law Senate Bill 1167 (Public Act 95-691). This is the revised version of the predatory lending/4050 legislation that was the subject of negotiations among all affected parties this session. The legislative negotiations resulted in several changes, favorable to our position, to the legislation. IAR was NEUTRAL on SB 1167 which includes requirements and restrictions applying to mortgage brokers as well as a codification of the recently-filed rules to re-establish the Predatory Lending Database Program (the HB 4050 program) in Cook County. IAR was pleased that our strong opposition to the Predatory Lending Database Program being limited to ten contiguous zip codes on the southwest side of Chicago was heard, and that both the rule and the bill do not establish the program in this manner (the program now covers all of Cook County). As far as home buyers that must get counseling, the new law will now apply only to first-time buyers and only if the loan they are seeking has certain characteristics: interest only, negative amortization, points and fees in excess of 5%, prepayment penalty, or ARM. The bill also will apply to apply to borrowers who are refinancing. This new law will not become effective until July 1, 2008.
- The House took final action on House Bill 2353 on Friday, November 2nd approving the bill on a roll call vote of 61-47-4. HB 2353 amends the Illinois Affordable Housing Act to create the Illinois Housing Affordable Housing Capital Fund for the purpose of financing projects of the Illinois Affordable Housing Program as authorized by IHDA’s comprehensive plan. IAR was NEUTRAL on this legislation which has been sent to the Governor for his consideration.
- There was also final legislative action on House Bill 1514 which extends the life of a Tax Increment Financing District (TIF) in the city of DeKalb. IAR was NEUTRAL on this bill sponsored by Representative Bob Pritchard and Senator J. Bradley Burzynski.
- House Resolution 761, introduced by Representative Chuck Jefferson, was assigned to the House State Government Administration Committee this week. The resolution calls upon Congress to take emergency action to protect homeowners and banks by enacting a “Homeowners and Banks Protection Act”. Among the provisions of the resolution is the directive that Congress establish a federal agency to “place all federally and state charted banks under protection by freezing all existing home mortgages for a period of time, adjust mortgage values to fair prices, restructure existing mortgages at appropriate interest rates and writing off speculative debt obligations of mortgage-backed securities, financial derivatives and other forms of financial pyramid schemes”. Further, the resolution calls for a moratorium on all home foreclosures for the duration of the transition period.
- The General Assembly adjourned Friday afternoon, November 2nd with no indication of the specific date that they will reconvene.
For more information, contact Greg St. Aubin, Director of IAR Governmental Affairs, gstaubin@iar.org, or Julie Sullivan, Assistant Director, Legislative and Political Affairs, jsullivan@iar.org.
Contact information for members of the House and Senate, notice of committee hearings, text of legislation and roll call votes are all available on the Illinois General Assembly’s Web site, www.ilga.gov.
Quorum Call Week in Review
November 2, 2007
Highlights of key activity at the State Capitol this week and a preview of key activity for the week ahead.
Quorum Call is distributed Fridays when the Illinois General Assembly is in session. For more information, contact Greg St. Aubin, Director of IAR Governmental Affairs, gstaubin@iar.org, or Julie Sullivan, Assistant Director, Legislative and Political Affairs, jsullivan@iar.org. Full text of legislation cited in this newsletter can be found at www.ilga.gov.
“Information is the currency of democracy.”
~Thomas Jefferson
- The Illinois House of Representatives reconvened on Thursday, November 1 and the Illinois State Senate reconvened on Friday, November 2nd this week for the discussion of the mass transit issue and for final passage of the 2008 Budget Implementation Act.
- While both the House and Senate held hearings on the transit issue- NO final action occurred on either of the bills dealing with mass transit (Senate Bill 572 in the House or House Bill 3667 in the Senate). On Thursday, the House Mass Transit Committee held yet another hearing on the long term operations and capital funding for mass transit in Illinois and for consideration of House Amendment #10 to Senate Bill 572. At this hearing, the sponsor of the measure, Representative Julie Hamos, presented the latest amendment that contained the same funding mechanisms- a regional sales tax increase and authority for the city of Chicago to increase its real estate transfer tax without referendum. Also at this hearing, officials from the RTA and CTA reiterated that the latest “doomsday” scenario, effective November 4th, deep service cuts and fare increases would occur. The hearing also included discussion of alternate plans that had been suggested (see HB 4161 discussed below). Additionally Representative Jim Durkin filed House Amendment #11 which sought to sunset the sales tax and real estate transfer tax increases after three years. This amendment was not formally considered and remains in the House Rules Committee. Members of the Senate Executive Committee grilled the RTA and the CTA in a heated hearing on Friday afternoon. The Senators objected not only to the proposed House funding mechanisms but also questioned current and past operational issues of both the RTA and the CTA. IAR was on record in both hearings as an OPPONENT to the real estate transfer tax funding proposal. It was definitely the feeling in the Statehouse that momentum has begun to shift away from the new taxes as alternative plans begin to be given serious consideration in both chambers. Representative Fred Crespo was particularly helpful in the House Mass Transit Committee pointed to the many flaws of increasing the real estate transfer tax. THANK YOU TO ALL WHO HAVE CONTINUED TO RESPOND TO THE CALLS TO ACTION ON THIS ISSUE. IAR HAS BEEN THE CONSISTENT VOICE AGAINST SB 572!
- As noted, the House Republicans formally introduced an alternate mass transit plan this week. On Thursday Representative Angelo “Skip” Saviano introduced House Bill 4161 as the alternative plan which does NOT include a real estate transfer tax increase NOR a regional sales tax increase. HB 4161 relies on small fare increases coupled with use of the current sales tax collected on the sales of motor fuel in the counties that encompass the RTA region. Since the proceeds of this sales tax are currently deposited into the State’s General Revenue Fund there will be further discussion on how this will impact the State budget and if some other replacement revenue stream will need to be proposed. IAR applauds the efforts of the caucus to proactively pursue this alternative to the transfer tax increase/sales tax increase. The bill will continue to be discussed by the legislative leaders who pledged to continue working over the next 5-10 days on resolving this issue along with the capital plan and gaming expansion issue.
- Another important development on the issue also occurred on Friday as the Governor authorized a grant of $27 million to the CTA and the suburban bus board (Pace) to avert the scheduled fare hikes and service cuts the two boards had indicated would occur on Sunday. The grant is expected to keep the full schedule of buses and trains in operation through the end of the year as negotiations continue for a long term resolution of the issue.
- On Friday the Governor signed into law Senate Bill 1167 (Public Act 95-691). This is the revised version of the predatory lending/4050 legislation that was the subject of negotiations among all affected parties this session. The legislative negotiations resulted in several changes, favorable to our position, to the legislation. IAR was NEUTRAL on SB 1167 which includes requirements and restrictions applying to mortgage brokers as well as a codification of the recently-filed rules to re-establish the Predatory Lending Database Program (the HB 4050 program) in Cook County. IAR was pleased that our strong opposition to the Predatory Lending Database Program being limited to ten contiguous zip codes on the southwest side of Chicago was heard, and that both the rule and the bill do not establish the program in this manner (the program now covers all of Cook County). As far as home buyers that must get counseling, the new law will now apply only to first-time buyers and only if the loan they are seeking has certain characteristics: interest only, negative amortization, points and fees in excess of 5%, prepayment penalty, or ARM. The bill also will apply to apply to borrowers who are refinancing. This new law will not become effective until July 1, 2008.
- The House took final action on House Bill 2353 on Friday, November 2nd approving the bill on a roll call vote of 61-47-4. HB 2353 amends the Illinois Affordable Housing Act to create the Illinois Housing Affordable Housing Capital Fund for the purpose of financing projects of the Illinois Affordable Housing Program as authorized by IHDA’s comprehensive plan. IAR was NEUTRAL on this legislation which has been sent to the Governor for his consideration.
- There was also final legislative action on House Bill 1514 which extends the life of a Tax Increment Financing District (TIF) in the city of DeKalb. IAR was NEUTRAL on this bill sponsored by Representative Bob Pritchard and Senator J. Bradley Burzynski.
- House Resolution 761, introduced by Representative Chuck Jefferson, was assigned to the House State Government Administration Committee this week. The resolution calls upon Congress to take emergency action to protect homeowners and banks by enacting a “Homeowners and Banks Protection Act”. Among the provisions of the resolution is the directive that Congress establish a federal agency to “place all federally and state charted banks under protection by freezing all existing home mortgages for a period of time, adjust mortgage values to fair prices, restructure existing mortgages at appropriate interest rates and writing off speculative debt obligations of mortgage-backed securities, financial derivatives and other forms of financial pyramid schemes”. Further, the resolution calls for a moratorium on all home foreclosures for the duration of the transition period.
- The General Assembly adjourned Friday afternoon, November 2nd with no indication of the specific date that they will reconvene.
For more information, contact Greg St. Aubin, Director of IAR Governmental Affairs, gstaubin@iar.org, or Julie Sullivan, Assistant Director, Legislative and Political Affairs, jsullivan@iar.org.
Contact information for members of the House and Senate, notice of committee hearings, text of legislation and roll call votes are all available on the Illinois General Assembly’s Web site, www.ilga.gov.
Friday, November 2, 2007
Chicago Transfer Tax
As you know or if you didn't, you know now that Senate Bill 572, as amended includes the authority for the Regional Transportation Authority (RTA) and the City of Chicago to impose a real estate transfer tax of $3 per $1,000 within the city of Chicago WITHOUT VOTER APPROVAL. The Illinois Association of REALTORS and RANWC are firmly opposed to this proposal. As you have in the past we ask that you contact your Representative and Senator ask them to reject the proposed transfer tax increase.
There are other revenue proposals being considered at this time. Legislators do not have to make property owners pay more.
This is ANOTHER LAYER OF TAXING authority on property owners in Chicago where a very high home rule municipal real estate transfer tax is already in place ($7.50 per $1,000 paid by the buyer) in addition to the State and county real estate transfer tax (combined $1.50 per $1,000 on the seller).
Illinois law also is very clear in that VOTER INPUT is required to impose a new or to increase an existing home rule real estate transfer tax. This proposal contravenes that public policy.
As you are well aware, the real estate transfer tax is a "hidden" property tax because most property owners are not aware of it until they buy or sell property.
PLEASE CALL YOUR LEGISLATOR AND URGE A NO VOTE. ASK THEM WHY PROPERTY OWNERS ARE BEING REQUIRED TO BAIL OUT THE CTA!
To call your STATE legislator, go to www.ilga.gov to find your legislators' Springfield phone numbers (the one with a 217 area code). Click on "Legislator Look-up" or, dial 217/782-2000(Capitol switchboard) and ask to be transferred to your legislator's office if you know the name.
From the Daily Herald
http://www.dailyherald.com/story/?id=69353
http://www.dailyherald.com/story/?id=68280
There are other revenue proposals being considered at this time. Legislators do not have to make property owners pay more.
This is ANOTHER LAYER OF TAXING authority on property owners in Chicago where a very high home rule municipal real estate transfer tax is already in place ($7.50 per $1,000 paid by the buyer) in addition to the State and county real estate transfer tax (combined $1.50 per $1,000 on the seller).
Illinois law also is very clear in that VOTER INPUT is required to impose a new or to increase an existing home rule real estate transfer tax. This proposal contravenes that public policy.
As you are well aware, the real estate transfer tax is a "hidden" property tax because most property owners are not aware of it until they buy or sell property.
PLEASE CALL YOUR LEGISLATOR AND URGE A NO VOTE. ASK THEM WHY PROPERTY OWNERS ARE BEING REQUIRED TO BAIL OUT THE CTA!
To call your STATE legislator, go to www.ilga.gov to find your legislators' Springfield phone numbers (the one with a 217 area code). Click on "Legislator Look-up" or, dial 217/782-2000(Capitol switchboard) and ask to be transferred to your legislator's office if you know the name.
From the Daily Herald
http://www.dailyherald.com/story/?id=69353
http://www.dailyherald.com/story/?id=68280
Thursday, November 1, 2007
Nov 2nd Legislative Breakfast Postponed
The Illinois State Senate has been called into session on Friday, November 2nd which will require Senator Kotowski to be in Springfield.
Therefore the Legislative Breakfast scheduled on Friday, November 2nd has been postponed for a future date to be announced.
The Legislative Breakfast on November 9th at 9:00am with Senator Bond will still be held at RANWC's Libertyville office as scheduled.
You may still R.S.V.P. for the Senator Bond breakfast by November 5th to Jeff Metzger at 847-506-5031 or Jeff@ranwc.com.
Any questions, please contact Jeff Metzger.
Therefore the Legislative Breakfast scheduled on Friday, November 2nd has been postponed for a future date to be announced.
The Legislative Breakfast on November 9th at 9:00am with Senator Bond will still be held at RANWC's Libertyville office as scheduled.
You may still R.S.V.P. for the Senator Bond breakfast by November 5th to Jeff Metzger at 847-506-5031 or Jeff@ranwc.com.
Any questions, please contact Jeff Metzger.
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Members meet with Senator Murphy after Legislative Breakfast
