Plan to triple real estate transfer tax gets big backing
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A major Chicago civic group is endorsing a proposal to move to a graduated rate of up to 3.3 percent that would apply not just to "mansions" but commercial property worth at least $5 million.
A major Chicago civic group is throwing its support behind a plan to more than triple the size of the city’s real-estate transfer tax on many sales—a move the group says would raise $150 million a year to fight homelessness but one which would hit buyers and sellers of large office buildings and other commercial property with a new tax bill of millions and sometimes tens of millions of dollars."
https://www.chicagobusiness.com/greg...ts-big-backing
Interesting idea that probably makes some sense, other than the money being used to "fight homelessness". WTF!?!?!?!? The city needs to raise funds to pay pensions, we can't afford new programs and spending.
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