Committee on Committees and Rules
November 13, 2019
RESOLUTION
WHEREAS, the Illinois General Assembly, specifically in 65 ILCS 5/8-3-19, allows home rule municipalities to increase their own Real Estate Transfer Taxes only by means of referendum; and
WHEREAS, the City of Chicago is a home rule municipality under Article VII of the 1970 Illinois Constitution; and
WHEREAS, the "City Portion" ofthe City of Chicago current transfer tax rate is three dollars and seventy-five cents ($3.75) for every five hundred dollars ($500.00) of transfer price, or fraction thereof, per transaction; and
WHEREAS, the City seeks to restructure the "City Portion" of real estate transfer tax imposed, to establish a decreased transfer tax rate of two dollars and seventy-five cents ($2.75) for every five hundred dollars ($500.00) of transfer price, or fraction thereof, for consideration from $1 up to $500,000 AND a real estate transfer tax increase of twenty-seven percent (27%) to establish a new transfer tax rate of four dollars and seventy-five cents ($4.75) for every five hundred dollars ($500.00) of transfer price, or fraction thereof, for consideration from $500,000.01 up to $750,000 AND a real estate transfer tax increase of one hundred percent (100%) to establish a transfer tax rate of seven dollars and fifty cents ($7.50) for every five hundred dollars ($500.00) of transfer price, or fraction thereof, for consideration from $750,000.01 up to $3,000,000 AND a real estate transfer tax increase of one hundred and sixty seven percent (167%) to establish a transfer tax rate of ten dollars ($10.00) for every five hundred dollars ($500.00) of transfer price, or fraction thereof, for real estate consideration from $3,000,000.01 to up to $10 million AND a real estate transfer tax increase of four hundred and thirty three percent (433%) to establish a transfer tax rate of twenty dollars ($20.00) for every five hundred dollars ($500.00) of transfer price, or fraction thereof, for cons...
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