Chicagoans will have to wait a bit longer to find out if they’ll be paying more taxes on real estate transaction. The so-called transfer tax is a tax on the value of the home sold. According to plans from the Chicago City Council, the transfer tax would be raised to $10.50 per $1,000 in the final sales price.
This is a rise of nearly 50 percent in the transfer tax, and is just one more assault on a difficult real estate market. According to the City Council, the increase in income from a higher transfer tax would be used to cover the costs of health care and pension benefits for employees of the Chicago Transit Authority.
City officials continue to iron out the details of the plan, including a proposal that would save senior citizens from the increased taxes when they sell a property in the city. Aldermen are also arguing that members of the military should travel for free on all CTA buses and trains.
Homeowners around Chicago could soon see a higher bill from the city when it comes time to sell their home. Selling a home for $500,000 means a bill of $5,250 from the city, or just over one percent of the value of Chicago Homes For Sale.
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