TODAY'S FEATURED PROPERTY

 

In an effort to solve the funding issues plaguing the Chicago Transit Authority (CTA), Chicago City Council has approved the Real Estate Transfer Tax increase, and in another twist, how the transfer tax is to be paid.

Effective April 1, 2008 sellers in the Chicago area will now be responsible for sharing the cost of the real estate transfer tax with the buyer.

Previously, the Real Estate Transfer Tax was $7.50 per $1,000 of the price of the home and it was paid by the buyer. Now, as of April 1/08, the transfer tax has increased to $10.50 per $1,000 of the price of the home where by the buyer will continue to pay $7.50 per $1,000 and the balance will be paid by the seller.

For more information regarding the Chicago Real Estate Transfer Tax increase please do not hesitate to comment or contact me. You can also read more about the changes here.