The city is attempting to raise the transfer tax a buyer pays at the time of closing on a residential real estate purchase. Currently, the buyer pays $7.50/$1000 of the purchase price and now they want to raise it to $10.50/$1000. it’s said that it will go to fund the CTA pensions.

An excerpt in a press release from the Chiacgo Association of Realtors states “Taxpayers in the Chicago region have been under siege in recent months, with more than $800 million in new taxes coming out of their pockets. This impacts people and businesses alike, and adds a level of uncertainty to the economic competitiveness and jobs climate of our region,” added Chicagoland Chamber of Commerce President and CEO Jerry Roper. “These elected officials are making the unfortunate choice to push through tax increases when our national economy is struggling and our local economy needs a boost.”

Let me know your thoughts…Is it the wrong tax at the wrong time?