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.
If the concept flies, nobody knows where the rates will eventually end up.
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