Chicago Condo Directory

The Chicago City Council continues to look for ways to get money out of residents to fund city programs.  The recent increase in the transfer tax was one of the most questioned new tax increases to hit city books in recent months.

However, if city officials get their way, anger from the rise in the transfer tax could hit a new level around the city.  According to one proposal by the Daley administration, buyers who back out on their purchase contract could still be liable for the city’s transfer tax.

This could be perhaps one of the worst ideas to come out of city hall in recent months.  With the real estate market suffering from a drop in sales and developers offering an increasing number of incentives to attract buyers, a transfer tax on tentative contracts could hurt the market even more.

The question to be asked to city officials is how they can charge a transfer tax on a transfer that, in effect, never happened.  The rise in the transfer tax will take effect on April 1.  Take advantage of deals today on Chicago Condos For Sale around the city before the rise in the transfer tax is felt in your pocketbook.

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