Chicago Mayor Lori Lightfoot has proposed a real estate Transfer Tax which will hit many commercial and residential investment properties hard.
The proposal, as outlined in a speech several weeks ago, would decrease Transfer Taxes paid at closing on properties valued at less than $500,000, but it would significantly boost the taxes on properties valued at more than $1 million.
Greg St. Aubin, senior vice president for governmental affairs for Illinois REALTORS® discusses the tax proposal which is expected to come up in the Illinois General Assembly’s veto session which is back in session the week of Nov. 11.
St. Aubin, a longtime lobbyist for the association, said the Transfer Tax places an unfair burden on property owners who are already saddled with high property taxes. He notes that if a burdensome Transfer Tax passes and is signed into law, the ripple effects could be felt throughout the state, not just in Chicago.
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Meet Ed Neaves, Illinois REALTORS® 2020 president
Why you should apply for Illinois REALTORS®' Leadership Development Class
YPN Networking Tips
Expo REAL and and opportunities to grow your commercial portfolio
Why REALTORS® should be aware of impending Just Housing rules in Cook County
Meet Illinois REALTORS® Deputy CEO Jeffrey T. Baker
Changes you need to be aware of to the Real Estate License Act
Meet Deputy CEO Jeffrey T. Baker; License Law update with Betsy Urbance
REALTOR® FPCs: Making a difference for the real estate industry
Helping military families find a new home in Illinois
Missed the license renewal? Here's what you need to do
What you need to know about crime-free housing ordinances in Illinois
2019 Spring legislative session break down
Illinois REALTORS® has a delegation at SelectUSA
Military Relocation Professionals/Crime-Free Ordinances
What if you missed the License Renewal Deadline?/NAR Mid-Year meetings
Getting to MIPIM: Attendees tell what you need to know
What's it like to be a first-time attendee at MIPIM?
Repeat visits and networking are keys to the MIPIM experience
Association marks five years of MIPIM participation
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