Thursday, April 03, 2008

Chicago Real Estate Transfer Tax: The Results Are In




Assess THIS!


Check out the true dirt on my favorite Chicago tax from the horse's mouth. Sellers share the wealth. Hope you called or emailed your Alderman... If you didn't; let this be a lesson to you.

This is my favorite passage:

A tax is imposed upon the privilege of transferring title to, or beneficial interest in, real property located in the city, whether or not the agreement or contract providing for the transfer is entered into the city.

Thanks for the privilege to sell my own property... which I have the privilege to pay property taxes on and the privilege to pay transfer stamps on the purchase.

1 comment:

Gary Lucido said...

My sentiments exactly. I think this one sneaked in under the radar. I just didn't hear people complain about it. Perhaps it's because it isn't paid very frequently.