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
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