City transfer tax may expand to cover incomplete real estate deals
Unfinished real estate deals on city's radar
By Gary Washburn | Tribune reporter
February 19, 2008
The city's real estate transfer tax is a proven cash cow, but the Daley administration -- ever on the lookout for ways to generate revenue -- is considering ways to make Bossy produce more milk.
Revenue Department officials want to increase the number of people who pay the tax and to require others to come up with cash more quickly. The under-the-radar action comes as all Chicago property purchasers brace for a 40 percent increase in the transfer tax the City Council recently approved as part of a Chicago Transit Authority rescue package.
...
Under one proposal now in draft form, City Hall would require the transfer tax to be paid even when the buyer forfeits the down payment, which sometimes happens when a buyer backs out of a deal. Under a second proposal, the requirement to pony up would be triggered immediately when there is an installment agreement--a contract in which the buyer pays the seller over a period of months but does not receive title to the property until the last payment is made.
So.......they want to tax us on a transaction that did not happen?? ARE OUT OF THEIR FREAKIN MINDS?!?!?! Lord help us.
2 comments:
i wouldn't want to be attempting to sell a house or condo in chicago.
the greed of the city/county/state gov't knows no bounds.
Pretty soon Daley will be taxing our air!
Post a Comment