Eureka! They figured out a way to tax wealthy folks trying to flee Illinois: A progressive real estate transfer tax, and the idea seems to be getting popular.
An Op-Ed yesterday in the Chicago Sun-Times by Daniel Kay Hertz of the Center for Tax Budget Accountability and Marisa Novara of the Metropolitan Planning Council made the case for it in Chicago. Evanston already voted in favor of it Tuesday.
Chicago today has a real estate transfer tax of $5.25 per $500 of property value, but the city should stick pricey homes with a higher rate, say the authors.
They weren’t specific about what rates they favor, but the ballot measure passed in Evanston, as Crain’s reported, calls for a transfer tax increase of 40 percent to establish a new rate of $7 for every $1,000 of value for sales between $1.5 million and $5 million and an increase of 80 percent to establish a new rate of $9 for every $1,000 of value for sales over $5 million. Evanston’s current rate is $5 for every $1,000 of value.
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4 comments:
Illinois has a habit of pissing it all away. Well, all of it that isn't stolen on the way by politicians and their partners in crime.
People that still live in Illinois deserve the tax increase.
That's only if you sell your property and make a profit if you plan to take your profit out of State me DoesmDo work if you take a loss. With the housing industry like it is today the States are not going to make any money. The seller however gets to right the loss off of their taxes. Correct me if this wrong but it just happened to me on the sale of my house and I live out side of Maryland.
1:45
I agree with you to a point. I used to live in Illinois and wanted out desperately.
Luckily, my job moved me out in 1997. You cannot elect out the corruption in Illinois. The dumbocrats own the elections, especially in Cook county (Chicago).
The mafia run unions and the dumbocrats have fleeced the taxpayers into oblivion.
The promises to the unions at the expense of the taxpayers is insurmountable.
Now they are to start confiscating property.
The only thing that will fix Illinois is an armed rebellion.
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