Ordinance O2024-0007767
Stale
Amendment of Municipal Code Section 3-33-030 to impose $3 per $500 tax for transfer of real property under $1,000,000 and $3.75 per $500 tax for transfer price over $1,000,000
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In the February 15, 2024, City Council meeting, Alderman Brendan Reilly of the 42nd Ward and the Committee on Finance proposed an ordinance to reduce the Real Estate Transfer Tax. The amendment to the Municipal Code affects transfer prices of real property titles and beneficial interests, setting rates at $3.00 per $500 under $1,000,000, and $3.75 per $500 above. The ordinance is enacted upon publication.
Sponsors
| Sponsors (17) | Ward | |
|---|---|---|
|
Reilly, BrendanPrimary Sponsor | Ward 42 |
|
Villegas, Gilbert | Ward 36 |
|
Beale, Anthony | Ward 9 |
|
Quinn, Marty | Ward 13 |
|
Lopez, Raymond A. | Ward 15 |
|
O'Shea, Matthew J. | Ward 19 |
|
Tabares, Silvana | Ward 23 |
|
Cardona, Jr., Felix | Ward 31 |
|
Waguespack, Scott | Ward 32 |
|
Conway, William | Ward 34 |
|
Sposato, Nicholas | Ward 38 |
|
Nugent, Samantha | Ward 39 |
|
Napolitano, Anthony V. | Ward 41 |
|
Knudsen, Timothy R. | Ward 43 |
|
Lawson, Bennett R. | Ward 44 |
|
Silverstein, Debra L. | Ward 50 |
|
Gardiner, James M. | Ward 45 |
History
| Date | Legislative body | Action |
|---|---|---|
| Date 2024-02-15 | Legislative body Chicago City Council | Action Referred |
| Date 2024-02-15 | Legislative body Chicago City Council | Action Introduced |