Chicago Buyer or Seller Real Estate Tax Proposals

Whether the proposed tax is for the seller or the buyer it is TOO much-

Proposed and previously approved, was a City of Chicago real estate transfer tax increase of 40% to be picked up by the buyer. The buyer already paying $7.50 cents per thousand purchase price, would in April begin to pay a hefty $10.50.

Now hold on..

Instead the burden is being moved to sellers. This proposal will be heard in the city council this week. So in turn the sellers, who have already been addressing a challenging market, have been paying their share of transfer taxes from other taxing bodies; would then, have but another expense to bear. Yes, it would be a $3.00 per thousand of purchase price tax for them.

So for the privilege of owning property in Chicago, there is a pretty steep and increasing tax burden. It doesn't matter who gets the increment (buyer or seller) it is just TOO MUCH BURDEN for the homeowner.