chicago-condos Dave on 31 Jan 2008 10:35 pm

Chicago realtors band together to protest transfer tax

Realtors from around the Chicago region are banding together to protest a new transfer tax on real estate transactions.  According to the Chicago Association of Realtors, the 15,000-member organization will actively oppose any additional taxes on real estate transactions.

The group will hold a press conference today at city hall to protest the proposed tax increase of about 40 percent on the transfer tax of all properties in the area.  According to the plan, the increased revenue would go to fund the Chicago Transit Authority.

However, according to the Chicago Association of Realtors, the new transfer tax will go towards funding pension plans for the CTA, instead of buying new buses and trains.

The increase in the transfer tax is about $10.50 per $1,000.  This would represent a cost of about 1 percent on the total sales price, a hefty tax increase just at a moment when sales around Chicago are falling.

The city council should work to foment sales of condos and homes around the city by making it more affordable for people to buy and sell their property.  Find great deals on Chicago Condos and move into the home of your dreams today.

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