Transfer taxes going up...now

You may remember that the city council voted last month to increase transfer taxes on the sale of property in the city of Chicago. Initially those increases were to be absorbed by the buyer but the council later voted to assign those increases to the seller. This increase will go into effect April 1st.

Here is a breakdown of transfer taxes as of April 1:
Sellers pay:
State and Cook County Transfer Taxes of $1.50 per $1,000 of PP
City of Chicago Transfer Tax of $3.00 per $1,000 of PP

Buyers pay:
City of Chicago Transfer Tax of $7.50 per $1,000 of PP
No State and County Transfer Tax