Illinois real estate news
Have you ever heard the saying "Today is a good day because I learned something"? Then today must be a good day. The RTA (Regioinal Transportation Authority) is trying to get a tort tax bill pushed through the Illinois legislature.
Taxes are the sacrifice we pay for living in the greatest nation on earth. There are taxes for infrastructure, security, education and the like then there are hidden taxes. The pork programs for certain groups. Here in Illinois we have had, for as many years as I can remember, stamps purchased when a home was bought and sold. This was kind of a nuissance tax when properties sold for 75k. The tax was .75 per $500. The distribution of the tax was .50 for the county and .25 for the state. The 75k home had stamps amounting to $112.50.
So what I learned was that City of Chicago has a home rule tax of $3.75 per $500. The RTA is asking the house and senate in Springfield to pass an additional $1.50 per $500. If it is passed that is $3150 additional in the coffers of the politicos and that much less for the seniors who are selling and already on fixed incomes. The nuissance tax on a $300000 home in Chicago would be $3600. This is no longer a nuissance this is highway (railway) robbery.