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Record #: O2018-8184   
Type: Ordinance Status: Failed to Pass
Intro date: 10/31/2018 Current Controlling Legislative Body: Committee on Committees, Rules and Ethics
Final action:
Title: Amendment of Municipal Code Section 3-33-030 regarding allocation of portion of property transfer tax to fund Firemen's Annuity and Benefit Fund of Chicago and Policemen's Annuity and Benefit Fund of Chicago
Sponsors: O'Shea, Matthew J.
Topic: MUNICIPAL CODE AMENDMENTS - Title 3 - Revenue & Finance - Ch. 33 Chicago Real Property Transfer Tax
Attachments: 1. O2018-8184.pdf
Related files: R2019-362

ORDINANCE

 

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

 

 

SECTION 1. Section 3-33-030 ofthe Municipal Code of Chicago is hereby amended by inserting the language underscored, as follows:

 

3-33-030 Tax imposed.

A.      Except as otherwise provided in this chapter, a tax is imposed upon the privilege of transferring title to, or beneficial interest in, real property located in the city, whether or not the agreement or contract providing for the transfer is entered into the city. The tax shall be at the rate of $3.75 per $500.00 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property, for all transfer price that is at or below $1,000,000.00. The tax shall be at the rate of $4.75 per $500.00 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property, for all transfer price that is above $1.000.000.00. The proceeds of the additional $1.00 per $500.00 imposed on all transfer price that is above $1,000,000.00, net of any refunds and other expenses, shall be provided in equal parts to the Firemen's Annuity and Benefit Fund of Chicago and the Policemen's Annuity and Benefit Fund of Chicago (together, the "Funds") to be used for annuitant benefits. The Chief Financial Officer or her designee is authorized to enter into agreements with the Funds to effectuate the transfer of funds for this purpose.

 

 

 

(Omitted text is unaffected by this ordinance)

 

 

SECTION 2. This ordinance shall take effect upon the happening of both of the following: (1) passage and approval, and (2) the prior approval ofthe tax increase provided for herein by a referendum conducted pursuant to 65 ILCS 5/8-3-19.

MattheW. O'Shea Alderman, 19th Ward