Alderman: No Passing The Buck For Tax Hike
By Shawn AlleeAlderman: No Passing The Buck For Tax Hike
By Shawn AlleeHomebuyers in Chicago will soon pay some of the highest real-estate transfer taxes in the country. That’s after aldermen approved a forty-percent increase yesterday.
Six aldermen voted against hiking the real-estate transfer tax, but they hogged the debate. They blamed Springfield because Illinois lawmakers gave Chicago two options: fund CTA pensions or shut down scores of bus lines. The council’s lone Republican, Brian Doherty, said Chicago’s responsible for the mess.
DOHERTY: I also want to say, How many Democratic committeemen are sitting on this floor that put the state senators and the state reps from the City of Chicago, down in Springfield to throw this in our lap? You know and I know how politics work in the City of Chicago.
Right now buying a $200,000 home in Chicago brings $1,800 in transfer taxes. In April, the tax would be $2,400. Some seniors would be exempt from the increase.
I’m Shawn Allee, Chicago Public Radio.