Illinois REALTORS® Podcast

Learn why a proposal to boost transfer taxes in Chicago hurts everyone

November 7, 2019

Chicago Mayor Lori Lightfoot has proposed a real estate Transfer Tax which will hit many commercial and residential investment properties hard.  

The proposal, as outlined in a speech several weeks ago, would decrease Transfer Taxes paid at closing on properties valued at less than $500,000, but it would significantly boost the taxes on properties valued at more than $1 million.

Greg St. Aubin, senior vice president for governmental affairs for Illinois REALTORS® discusses the tax proposal which is expected to come up in the Illinois General Assembly’s veto session which is back in session the week of Nov. 11.  

St. Aubin, a longtime lobbyist for the association, said the Transfer Tax places an unfair burden on property owners who are already saddled with high property taxes. He notes that if a burdensome Transfer Tax passes and is signed into law, the ripple effects could be felt throughout the state, not just in Chicago.  

Get full transcript.

Podbean App

Play this podcast on Podbean App