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The Final Shoe Drops in Chicago

By Peter Olson, Esq.

The Chicago City Council took its final step regarding the increased Chicago City Transfer Tax with the new $3 per $1,000 increase being shifted to Sellers. So in final analysis Buyer's are still at the $7.50 per $1,000 transfer tax (no change) and Sellers have a brand stinkin' new $3 per $1,000 tax.

What's the impact?

I think short term, a negative impact on the City's real estate market and long term negligible. Generally I would applaud the tax shift to Seller (if there has to be one that's where I'd put it), however in the very near term I think it potentially stops people from selling with all the people underwater on their mortgages and all the "short sale" efforts going on.

Full post as published by Closing Real Estate in Chicago on March 13, 2008 (boomark / email).