Thursday, February 7, 2008

Chicago City Council passes transfer tax increase

The Chicago City Council passed an ordinance raising the City Transfer Tax from $7.50 per $1,000 to $10.50 per $1,000 of the sales price of property in Chicago. The tax increase takes effect on April 1 of this year. The increase in this tax will make up the projected $100-million shortfall in the CTA budget not covered by the sales tax increase.

During spirited discussions at City Hall yesterday, Mayor Daley made vague threats to dissenting Alderman about the CTA bypassing their wards. About the only voice of reason seemed to come from 50th ward Alderman Bernard Stone who spoke passionately about the US Congress trying to stimulate the economy and the City Council working at exact opposite goals.

Visit to use the handy property tax calculator to see how much extra the new increased tax will cost you on your new purchase.

Update: From the Chicago Tribune - some of the Alderman who opposed the tax increase listed below. It is safe to assume that all other Aldermen voted FOR the increase, but I will post a full roster when available.

Stone was among those who voted against the measure. So did Ald. Brian Doherty (41st), who termed it "a property tax increase" and complained that the council "was bamboozled by Springfield."

The others who voted no were Alds. Robert Fioretti (2nd), Sandi Jackson (7th), Sharon Dixon (24th) and Rey Colon (35th).


Anonymous said...

can we get a list of the idiots who passed this?

Anonymous said...

if you want the list of idiots, it was the state govt and the past Chicago administrations who screwed up the CTA and forced the tax increase.

Anonymous said...

You really have to look at the cumulative effect on the good citizen. Proerty tax - up. Sales tax - up. Now transfer tax up? Then gas and food prices are through the roof. If a normal family would tighten their belts under such circumstances, why does government get to spend $ like its 1999 at their expense?