Incomplete real estate deals may qualify for Chicago transfer tax
Associated Press
Published: 2/19/2008 7:15 AM
Chicago officials are looking to increase the number of people who pay a real estate transfer tax and to require others to pay it more quickly.
The Chicago City Council earlier this month approved a 40 percent increase in the transfer tax as part of a Chicago Transit Authority rescue package.
Under one proposal now in draft form, the city would require the transfer tax to be paid even when the buyer forfeits the down payment, which happens when a buyer backs out of a deal. Another proposal would require immediate payment when there is a contract in which the buyer make installment payments and don't receive title to the property until the last payment.
The transfer tax rises April 1. It generated $206.8 million last year. The new revenue is earmarked for CTA employee pension and health-care costs.
Subscribe to:
Post Comments (Atom)
Members meet with Senator Murphy after Legislative Breakfast
1 comment:
Obviously, the city is doing its best to further the exodus to the suburbs with this proposal. The proposing the requirement to pay even if you "back-out of the deal" will also lower the numberof offers made.
Post a Comment