Skip to main content

Buy a House, Save a Municipal Pension.... (part 2)

Now that the State legislature approved the Hamos bill (our mass transit bail out) all eyes turnb to the City Council who must now vote on the proposed transfer tax increase. As realtors and others in the industry wring their hands with worry about how the increased fee will effect the already slow market, it looks like our neighbor to the north in Evanston may well get into the act themselves.

I'll explain in a minute, if you'lll indulge me this digression about my closing this morning.

Most of the parties late to arrive, as they all had trouble finding nearby parking. One of the real estate agent proudly announced that she avoided that problem by riding the el. She proceeded to grimace, look the buyer in the face, and comment to the effect that at least she (the buyer) saved money by closing before the City raised the transfer tax. She proceeded to lambast the legislature for making her poor buyers bear the brunt of saving the transit workers pension funds. I, rather smugly, suggested to her that everything was going to be ok. If we (Chicago) enact a transfer tax increase, Evanston and/or Oak Park will follow right behind, just to stay ahead of us (cost-wise, that is). Some guffaws and the conversation returned to the business at hand, closing the contract.

I said that in jest, of course but upon my return to the office, I saw this notice in this morning's Daily Northwestern: Evanston is looking to increase its real estate transfer tax 20% from $5 per $1,000 to $6 per. Evanston residents will vote on the proposal on the same ballot with the State-wide primaries on Feb. 5

As with the transit bailout, this property tax increase is intended to fund a shortfall in municipal employee pensions. Instead of helping provide for retired transit workers, this one will benefit that City's retired police and fire personnel.

A new trend in government finance? Time will tell.

Comments

Michel bond said…
Instant unsecured loans are the quick loans provided without keeping any security. It is the best loan for tenants who need some urgent cash but either don't have any property to keep as security or don't want to risk them. As these loans are generally provided by online lenders, the loan is approved quickly. Also being unsecured there is no wastage of time in documentation which further makes the whole process fast.If you have any queries about quick cash payday loans, bad credit payday loans, fast cash advance loans, online payday loan service visit http://www.fastunsecuredloans.org.uk

Popular posts from this blog

The Equifax data breach and you — 6 steps to take now

Identity thieves hit a major credit reporting agency—hard. Millions of consumers’ confidential identity information has been compromised.

Equifax, one of the big three credit reporting agencies announced that a massive security breach took place earlier this year. Offenders accessed data sets of 143 million US consumers.

What to do when drones fly near your home

Imagine a quiet evening on the deck of your new home when—out of nowhere—a noisy drone begins hovering around your property, almost certainly snapping photos or video. It’s like Space Invaders meets Gladys Kravitz. So what do you do?

Help! My Neighbor’s Old Tree is Growing Over my Roof

Let’s say about 100 years ago, a family planted an oak tree on the edge of their property. Over generations it’s grown into a magnificent tree that provides summer shade, autumn color and a swing for the neighborhood kids. You probably even liked the tree when you bought the house next door to it.

But today, its root system is invading your basement, its acorns bombard your yard and its huge limbs loom threateningly over your roof. By law, can you cut it down? Trim it? Turn it into a boat?