Chicago Mayor Lori Lightfoot has proposed a real estate Transfer Tax which will hit many commercial and residential investment properties hard.
The proposal, as outlined in a speech several weeks ago, would decrease Transfer Taxes paid at closing on properties valued at less than $500,000, but it would significantly boost the taxes on properties valued at more than $1 million.
Greg St. Aubin, senior vice president for governmental affairs for Illinois REALTORS® discusses the tax proposal which is expected to come up in the Illinois General Assembly’s veto session which is back in session the week of Nov. 11.
St. Aubin, a longtime lobbyist for the association, said the Transfer Tax places an unfair burden on property owners who are already saddled with high property taxes. He notes that if a burdensome Transfer Tax passes and is signed into law, the ripple effects could be felt throughout the state, not just in Chicago.
Get full transcript.
IR Weekly - Asian Americans and Pacific Islanders Heritage Month
IR Weekly - Spring Conference & Expo 2022 Preview!
IR Weekly - After Broker Renewal FAQs & Spring Conference Preview
IR Weekly - Broker Renewal LAST CHANCE w/ Jeremy Reed & Young Brockhouse
IR Weekly - Broker Renewal with Christi Walden & Aniya Lathan
IR Weekly - A History of Fair Housing
IR Weekly - Creating a Work-Life Balance
IR Weekly - 2022 Capitol Conference Kicks Off
IR Weekly - The upcoming 2022 Capitol Conference
IR Weekly - YPN Prepares for Capitol Conference with Connie Vavra
IR Weekly - Updated Mask Guidance from Betsy Urbance
IR Weekly - Celebrating Women’s History Month
IR Weekly - Sue Miller and Suzanne Miller on C2EX
IR Weekly - How Lifting The Indoor Mask Mandate Affects Real Estate
IR Weekly - A Conversation with IR President Zeke Morris
IR Weekly - Celebrating Black History Month
IR Weekly - Launching The ”American Dream” Campaign
IR Weekly - Illinois REALTORS® Ethics Citation Program w/ Becky Caraher
IR Weekly - Winter Business Meetings 2022 Are Coming Soon!
IR Weekly - Being A REALTOR® & Elected Official w/ Natalie Mulhall
Create your
podcast in
minutes
It is Free
Get Creative with Pace Morby
The Everyday Millionaire
Pure Hustle Podcast
The Ramsey Show
PBD Podcast