Page 2 - Here’s who will pay how much if the transfer tax proposal passes 1.23.24

Credit: United Real Estate Elite

Median-priced Chicago home

This house on West 63rd Place in Clearing sold in December for $310,000, the median price of homes sold that
month in the city.

Included in the revised structure Johnson endorsed in August was something that hadn’t been in previous plans to
boost the transfer tax: a cut for anyone paying less than $1 million for a property. If the referendum passes, the
transfer tax on those sales will drop from 0.0075% to 0.0060%.

In December, the buyers of this house paid $2,325 in transfer taxes, or $463 more than they would pay in the new
structure.

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