The real estate transfer tax increases 40% on April 1, 2008

Currently, buyers of real estate in the city of Chicago pay a transfer tax upon the closing of their transactions. This fee has a rate of $7.50 per $1,000 of purchase price (.0075).

As of April 1, 2008, the transfer tax has been increased 40% to $10.50 per $1,000 of purchase price (.0105).

On a $500,000 transaction, the former transfer tax would be $3,750. Under the new tax, the tax would be $5,250.

As a result of this increase, there is a rush to close transactions on or before March 31, 2008.

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