Oppose proposed $3 per $1,000 transfer stamp increase!!!
Call or e-mail your legislator today and urge them to vote against SB 572 and Senate Amendment #2 to HB 656, legislation that includes a real estate transfer tax. Even if you've taken action in the past, please do so again.
SB 572 as amended and Senate Amendment #2 to HB 656 both include authority for the Chicago Transit Authority (CTA) to impose a real estate transfer tax of $3 per $1,000 within the city of Chicago WITHOUT VOTER APPROVAL.
- The Illinois Association of REALTORS and the Chicago Association of REALTORS STRONGLY OPPOSE this proposal and urge you to contact your Representative and Senator and urge them to REJECT this proposed transfer tax increase!!
- This is ANOTHER LAYER OF TAXING authority on property owners in Chicago where a very high home rule municipal real estate transfer tax is already in place ($7.50 per $1,000 paid by the buyer) in addition to the State and county real estate transfer tax (combined $1.50 per $1,000 on the seller).
- In addition, this tax would be imposed by the CTA - a non-elected body. This lack of accountability to the voters is unacceptable!
- Illinois law also is very clear in that VOTER INPUT is required to impose a new or to increase an existing home rule real estate transfer tax. This proposal contravenes that public policy.
- As you are well aware, the real estate transfer tax is a "hidden" property tax because most property owners are not aware of it until they buy or sell property.
There are other revenue options in SB 307. Legislators should not have property owners pay more!
SB 572 is sponsored by Representatives Julie Hamos, Paul Froehlich and Kathy Ryg and Senator John Cullerton and Ira Silverstein. To send an e-mail to your Senator and Rep., follow the prompts below. To call your state legislators, go to www.ilga.gov and look in the "Members" section for your legislators' Springfield phone numbers (the one with a 217 area code)