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  #2061  
Old Posted Apr 1, 2019, 9:34 PM
moorhosj moorhosj is offline
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The problem with these graduated transfer taxes is that they continue to discourage people from owning expensive homes. We already have a lukewarm housing market here. Do we really need to depress it further?
The housing market is not lukewarm for expensive homes ($650k and up). Either way, Lightfoot's plan uses a higher tax on those homes to lower the transfer tax on lesser-priced homes.

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The current tax is $5.25 for every $500 of a property’s sale value, or 1.05 percent. Lightfoot’s tax would charge 0.35 percent for the first $500,000 of sale value; 1 percent for between $500,000 and $1 million; 2 percent for between $1 million and $5 million; and 3 percent for the sale value over $5 million.
Under this structure, you would start paying a higher fee around the $1.2 million mark.
  • A $750k home would save $3,625 ($7,875 today versus $4,250)
  • A $500k home would save $3,500 ($5,250 today versus $1,750)
  • A $250k home would save $875 ($2,625 today versus $1,750
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  #2062  
Old Posted Apr 1, 2019, 9:37 PM
Vlajos Vlajos is online now
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TIF spending is approved by the city council. It's just a different sources of tax dollars. Again, I could care less if we eliminated TIF, but it's silly to have the public think it's going to solve our fiscal disaster unless we cut spending and redirect TIF money to pensions.

Last edited by Vlajos; Apr 1, 2019 at 10:29 PM.
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  #2063  
Old Posted Apr 1, 2019, 10:39 PM
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glowrock glowrock is offline
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Originally Posted by emathias View Post
Auditing things funded with public money should always be done. It sounds like you may misunderstand what an audit is. Audits don't change anything, they simply investigate and report things. It sounds to me like the mentioned audit would be aimed more at helping evaluate the likely success for various types of future TIFs. That's a good thing - even supporters of TIFs don't want them to be wasteful.
I completely and totally agree with this. 110%!

Aaron (Glowrock)
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  #2064  
Old Posted Apr 1, 2019, 10:47 PM
the urban politician the urban politician is offline
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Quote:
Originally Posted by moorhosj View Post
The housing market is not lukewarm for expensive homes ($650k and up). Either way, Lightfoot's plan uses a higher tax on those homes to lower the transfer tax on lesser-priced homes.



Under this structure, you would start paying a higher fee around the $1.2 million mark.
  • A $750k home would save $3,625 ($7,875 today versus $4,250)
  • A $500k home would save $3,500 ($5,250 today versus $1,750)
  • A $250k home would save $875 ($2,625 today versus $1,750
^ The housing market for the region is definitely not strong for luxury.

A lot of luxury homes are seeing their prices slashed and lingering on the market.

While there are a multitude of reasons for this, increasing the tax on a real estate transfer just doesn't help one bit.
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  #2065  
Old Posted Apr 2, 2019, 12:54 AM
moorhosj moorhosj is offline
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Quote:
Originally Posted by the urban politician View Post
^ The housing market for the region is definitely not strong for luxury.

A lot of luxury homes are seeing their prices slashed and lingering on the market.

While there are a multitude of reasons for this, increasing the tax on a real estate transfer just doesn't help one bit.
You are likely correct for luxury homes ($1 million +), but this also isn’t a regional tax it’s a Chicago tax. I am seeing lines down the street for single-family homes in the $500-$750k range.
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  #2066  
Old Posted Apr 2, 2019, 1:00 PM
the urban politician the urban politician is offline
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Originally Posted by moorhosj View Post
You are likely correct for luxury homes ($1 million +), but this also isn’t a regional tax it’s a Chicago tax. I am seeing lines down the street for single-family homes in the $500-$750k range.
And I think homes like this are the best ones to get in this region.

I just see no reason the buy a $1 MM + home in this region, even if affordability is not an option. That view grows stronger as the Socialists now push for a higher real estate transfer tax.

I own $ 1 MM rental property but I’m not too concerned—I don’t plan to sell.
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  #2067  
Old Posted Apr 2, 2019, 2:00 PM
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any final predictions for tonight?

i'll say, lightfoot, 59-41.
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  #2068  
Old Posted Apr 2, 2019, 2:12 PM
Vlajos Vlajos is online now
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I'm hearing turnout is low both today and early vote. That bodes well for the machine and Taxwinkle.

56 to 44 Lightfoot win.
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  #2069  
Old Posted Apr 2, 2019, 2:17 PM
LouisVanDerWright LouisVanDerWright is offline
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I'm hoping Lightfoot breaks 60% to really send a message that Preckwinkle and the CTU are not wanted here. Though I wouldn't be surprised to see the numbers go higher than that. I've been phonebanking for Lightfoot and I maybe encountered two people who said they were voting Preckwinkle total in like hundreds of calls to registered voters. I encountered multiple people who were enthusiastically like "We need to stop Preckwinkle, don't worry I'm voting lightfoot and getting everyone I know to as well". I've also encountered a TON of people who think Toni's campaign has been disgusting particularly with the whole "blame fires on Lori" ad.

That's really actually puzzling, she pulls all TV ads and then like a week before the election decides to run one last TV which is a disgusting hit piece on Lori trying to blame a fatal fire on her without even consulting the family of the victims first. Then the next day I see one of the victims siblings on TV crying and saying "shame on you Toni, we had put this behind us and now it's on TV for the whole city to see". Talk about questionable judgement, that's the kind of thing that makes this an 80-20 landslide instead of a 60-40 shellacking.
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  #2070  
Old Posted Apr 2, 2019, 2:18 PM
LouisVanDerWright LouisVanDerWright is offline
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Quote:
Originally Posted by Vlajos View Post
I'm hearing turnout is low both today and early vote. That bodes well for the machine and Taxwinkle.

56 to 44 Lightfoot win.
Yes, but I also think the enthusiasm gap is huge. People who support Lori seem extremely motivated. I was just volunteering this weekend for her and there were like 30 volunteers crammed into a small storefront at a time. They were coming in and out in shifts like 10 people at a time all day and I was only there for like 3 hours.
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  #2071  
Old Posted Apr 2, 2019, 3:45 PM
the urban politician the urban politician is offline
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Originally Posted by Vlajos View Post
I'm hearing turnout is low both today and early vote. That bodes well for the machine and Taxwinkle.

56 to 44 Lightfoot win.
Why would low turnout help Taxwinkle? I would think it would be the opposite
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  #2072  
Old Posted Apr 2, 2019, 4:25 PM
Vlajos Vlajos is online now
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Originally Posted by the urban politician View Post
Why would low turnout help Taxwinkle? I would think it would be the opposite
Machine gets the vote out usually, so in low turnout, they typically have the upper hand. I still think Lightfoot wins. I voted for her two weeks ago.
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  #2073  
Old Posted Apr 2, 2019, 6:29 PM
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preckwinkle is no more "machine" than lightfoot. (or are we forgetting that lightfoot got appointed to her posts by 2 former mayors?)
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  #2074  
Old Posted Apr 2, 2019, 6:33 PM
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^ preckwinkle is freaking chair of the cook county democratic party and president of the cook county board.

i don't think there's any plausible way to argue that lightfoot is just as "machiney" as preckwinkle.
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Last edited by Steely Dan; Apr 2, 2019 at 6:52 PM.
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  #2075  
Old Posted Apr 2, 2019, 6:42 PM
Vlajos Vlajos is online now
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preckwinkle is no more "machine" than lightfoot. (or are we forgetting that lightfoot got appointed to her posts by 2 former mayors?)
The only people that support Prekwinkle, the Cook County Democratic Party leader, is machine and public employee unions, which is one and the same. I guess some of the bizarro Democratic Socialists are supporting her from what I see on social media.
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  #2076  
Old Posted Apr 2, 2019, 6:46 PM
Khantilever Khantilever is offline
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preckwinkle is no more "machine" than lightfoot. (or are we forgetting that lightfoot got appointed to her posts by 2 former mayors?)
Machine =/= Establishment. Otherwise, we'd have to consider Rahm and Obama machine members as well.
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  #2077  
Old Posted Apr 2, 2019, 6:58 PM
Via Chicago Via Chicago is online now
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Machine =/= Establishment. Otherwise, we'd have to consider Rahm and Obama machine members as well.
well, lots of people do. although i think the notion of machine is pretty outdated in itself. this isnt Daley circa 1970 anymore.

that said, if we're talking labor unions, Lightfoot has support from 10 of them. the differences between a hypothetical Lori vs Toni mayorship arent as stark as people are making them out to be which is probably why enthusiasm has died down after the primary. theyre pretty similar on most issues.

Last edited by Via Chicago; Apr 2, 2019 at 7:09 PM.
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  #2078  
Old Posted Apr 2, 2019, 7:30 PM
the urban politician the urban politician is offline
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that said, if we're talking labor unions, Lightfoot has support from 10 of them. the differences between a hypothetical Lori vs Toni mayorship arent as stark as people are making them out to be which is probably why enthusiasm has died down after the primary. theyre pretty similar on most issues.
^ I agree with this.

I'm not really so much excited about Lori, but excited about preventing somebody as toxic as Preckwinkle from becoming Mayor.
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  #2079  
Old Posted Apr 2, 2019, 7:52 PM
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theyre pretty similar on most issues.
yeah, the over-arching philosophical differences are not that great here.

but lighfoot has gone on record as saying she wants to drive a stake through the heart of aldermanic prerogative. preckwinkle was FAR more wish-washy on that.

anyone interested in real reform in this corrupt-ass town simply has to vote for lightfoot.
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  #2080  
Old Posted Apr 2, 2019, 11:50 PM
LouisVanDerWright LouisVanDerWright is offline
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One is a former federal prosecutor and has literally never held elected office in Chicago or Cook County the other is president of the cook county Democratic party (which literally is the organization traditionally considered the machine) and implicated as benefiting from which might be the most nortorious corruption indictment in Chicago history: the Burker King scandal.

Yup, they both sound equally "machine"
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