Chicagoist: Real Estate Transfer Tax Burden May Shift

matilda

Tue, 11 Mar 2008 12:21:17 -0600

Boemelaar: Nice question, to which I have no answer. And I think the Cook County sales tax increase, as well as some of the city's unofficial tax increases (TIFs, for instance) are dumb. I half-heartedly support the sales tax increase for the RTA agencies, as they needed it, though I wish a better funding source had been found. That said, let me ask: Everyone seems to say tax increases have no place in a tanking economy, as that will just make things worse. Yet, people during the good ole days of the mid to late 1990s, as well as during other economic good times, always seem to say that any taxes increase will kill growth. Is there ever a time to impose tax increases, or should we never, ever increase taxes? I am asking in a general way.

Chicago J

Tue, 11 Mar 2008 11:59:26 -0600

On April 1st the tax will have a double structure. The tax will increase to $10.50 for every $1000(from the current $7.50 per $1000). The council has decided that the tax will be charged to BOTH the buyer and the seller of the property. The buyer will pay the current tax portion on the transfer i.e. $7.50 of the $10.50 tax rate. The seller will be required to pay the $3 increase to the City of Chicago.

boemelaar

Tue, 11 Mar 2008 11:58:17 -0600

i think mepps should be taxed for his double-posts and then follow ups to his double-posts. i hope those don't count as posting in the monthly tabulations. however, what he said i agree with 100%. the economy is tanking in large part due to real estate and chicago's answer is to increase taxes. can anyone explain that these tax increases are somehow economically beneficial to the chicago area and won't further depress the local market? is there something that i am missing?

mepps

Tue, 11 Mar 2008 11:40:48 -0600

The damn double posting on this thing. I get an error that says it did not post, after the first time I hit submit. So I hit submit again, and then we get a double post.

mepps

Tue, 11 Mar 2008 11:35:51 -0600

"With the spate of recent tax increases in the region, Chicago's been trying to find a way to ease the pain" That is the most ironic, BS sentence I've read in a while- not because of you though Kevin. If Daley and commissioners truly wanted to find a way to ease the pain, why in hell would they keep tacking on these taxes?! THEY are the ones that increased the transfer and stamp tax several WEEKS AGO! IF they really gave a shit they would stop with all the bullshit real estate, entertainment, beverage, water bottle, plastic baggie bullshit!

mepps

Tue, 11 Mar 2008 11:35:43 -0600

peteypants

Tue, 11 Mar 2008 11:23:03 -0600

apparently, one way to ease the pain is to make your own "FOR SALE" sign instead of buying those fancy, overpriced ones at the ace true value or menard's.

matilda

Tue, 11 Mar 2008 11:15:33 -0600

Wow, Stone actually said something that made sense. I wonder who wrote it for him.