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Wednesday Mar 12, 2008

Real Estate Transfer Tax Increase Could Be Transferred to Sellers

In early February, City Council approved a 40% real estate transfer tax increase that raised the amount Chicago buyers would pay on their new home from $7.50 per $1,000 to $10.50 per $1,000 of the purchase price. That means a $350,000 property would require the buyer to pay another $1,050 in taxes once the new initiative goes into effect on April 1st. That is, until the City Council Finance Committee decided this week to go forward with a proposal that would make the home seller responsible for the additional $3 per $1,000, instead of tacking it on to what the buyer already pays in transfer taxes.

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Posted at 09:11AM Mar 12, 2008 by Spencer Mason in General  |  Comments[0]

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