The CTA has received a bailout approved by city alderman financed by homebuyers effective 4/1. The revised tax will raise the amount of tax a homebuyer pays on property purchased within Chicago (not all of Cook County). The real estate transfer tax is currently $7.50 per $1,000. The $3 increase ($10.50 per $1,000 total) per $1,000 of sales price has many homebuyers pushing up their close date.
The amount of money saved by closing before 4/1 will be considerable. Supposed you purchase a home before 4/1 @ $300,000. The transfer tax would be $2,250. After 4/1 the tax would be $3,150, an increase of 40% or $900. This money must be paid at close. We urge many of buyer's to ask for a closing credit at close from the seller's to offset the transfer tax and associated closing costs, such as the appraisal, underwriting, points charged by the lender, title fess, etc.
Now is the time to make a decision if you have been actively searching.