It seems that there is a lot of confusion over the (recently passed) transfer tax that went in to effect on April the 1st.
This tax is assumed by the sellers... Yes, originally it was being passed on to the buyers... BUT then it was changed and passed on to the sellers.
How this breaks out is-
The sellers will now pay a Chicago transfer tax of $3.00 per thousand. This is on top of their responsibilty of the county and state tax of $1.50.
So, that is a Sellers total of $4.50 for every thousand of the purchase price.
For your information, the buyers continue to pay the existing city transfer tax of $7.50 for every thousand of the purchase price. This has gone unchanged.
