Page 5 - Here’s who will pay how much if the transfer tax proposal passes 1.23.24
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Credit: Jameson Sotheby's International Realty
Upper end of the market
This house on Greenview Avenue in Lakeview sold for $5.1 million in September, the 15th-highest sale price of
2023 in the city. The buyers paid $38,250 in transfer taxes.
If Bring Chicago Home had been in place, they would have paid $124,000 in transfer taxes, with $85,750 going
toward the city’s anti-homelessness plans.
The photo at the top of this story is also of this house.
There’s little question that $5.1 million buyers are likely to be able to afford that difference. But they’re also likely to
ask “What are we getting for that?” Marlowe says.
As of yet, city officials have not published a plan for how the new revenue generated by an increased transfer tax
would be spent.
“One of the real shortcomings in the proposal is that it doesn’t say how the money will be spent,” says Marlowe,
who lives in Lincoln Park.
“Rule No. 1 of good tax policy,” Marlowe says, “is make sure that people understand what they’re paying for.”
An earlier version of this story had incorrect calculations for the luxury home that sold for $1.71 million.
