When first proposed, Chicago home buyers were to bear the full transfer tax increase, but now it looks like sellers will pay the Chicago real estate transfer tax increase.
Flip side of the same coin in my opinion. A real estate tax increase on either buyer or seller seems to be ill timed.
1 response so far ↓
1 Edward Balcsik // Apr 10, 2008 at 10:10 am
Agreed. The chicago transfer tax adds another cost to selling/purchasing/owning property in Chicago. This at a time when the market is already down. Chicago has increased zoning certification and water certification fees in recent years and now this. Chicago’s appetite for tax revenue knows no bounds.
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