Page 4 - Here’s who will pay how much if the transfer tax proposal passes 1.23.24
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Credit: Compass
Luxury home
In March, buyers paid $1.71 million for a sharp contemporary house on Cortland Street in Logan Square.
The transfer tax they paid was $12,825. Under Bring Home Chicago as it stood then, the transfer tax would have
been more than three times as much, $45,315, with the entire $32,490 difference going to the city’s efforts against
homelessness.
The proposal was to raise the transfer tax on all sales at $1 million-plus from 0.0075% to 0.0265%.
The revised plan that’s on the ballot may seem more palatable to buyers at this level. If passed, it will make transfer
taxes on a $1.71 million home $22,030, with $9,272 going to the fight against homelessness.
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