My friend, colleague and Government Affairs guy at the Chicago Association of Realtors posted this on his Facebook wall today:
Tremendously challenging day representing REALTORS in Chicago. Transfer Taxes have reared their ugly head again. Banks need to watch the Maldonado proposal. $5.25 transfer tax per $500.00 for bank acquisitions of foreclosed properties with $1.50 going toward the CTA.
This is double the normal transfer tax. I wonder why they think that foreclosed houses should pay double tax? Wouldn’t it make sense to actually forgive the tax completely on these houses to get people back in the market, and buy these empty, non-tax-paying, houses?
Please keep your eyes on the Chicago City Council this week, and be prepared to call and complain if this proposed ordinance makes it out of whatever fantasy committee it was conceived in?