Thursday, March 13, 2008

The Final Shoe Drops in Chicago

The Chicago City Council took its final step regarding the increased Chicago City Transfer Tax with the new $3 per $1,000 increase being shifted to Sellers. So in final analysis Buyer's are still at the $7.50 per $1,000 transfer tax (no change) and Sellers have a brand stinkin' new $3 per $1,000 tax.

What's the impact?

I think short term, a negative impact on the City's real estate market and long term negligible. Generally I would applaud the tax shift to Seller (if there has to be one that's where I'd put it), however in the very near term I think it potentially stops people from selling with all the people underwater on their mortgages and all the "short sale" efforts going on.

2 Comments:

At 12:07 PM, Blogger The Wasserlaw.Blog said...

methinks that someone is going to get a fat consultants contract to re-cast the transfer tax declaration form.

who knows, maybe we can go from six pages to eight?

 
At 10:50 AM, Blogger Peter said...

Funny...yeah I love filling in the handwritten boxes.

 

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