Sorry to have to report some bad news for my very first post! It looks like our property taxes will be increasing around Chicago.
Property owners have felt a lot of pain in the past few years. In April 2008, the City of Chicago Transfer Tax was increased to a whopping $10.50 per $1,000 of the total purchase price of the home. The buyer is responsible for $7.50 per $1,000 and the seller is responsible for $3.00 per $1,000. For example, if a buyer purchased a home in Chicago for $250,000 that buyer would have to cough up $1,875 for this tax. The seller would be responsible for $750. Quite an entrance fee!
It is important to know what these transfer taxes are -- regardless of what part of the state you live in as there is also a State and County transfer tax. Most municipalities also have their own, although most are not as high as Chicago.
This property tax hike will be just another way to stick it to property owners. On the bright side, there are a ton of great housing deals out there! So hopefully the new taxes will not be a major deal breaker for you if you are looking for a new home.
CPS board passes tax hike
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