What transfer tax hikes would mean for Chicago buyers – Chicago Agent Magazine

Estimates for what Bring Chicago Home’s proposal would add to the costs of million-dollar-plus properties ranges from $158 million to $163 million … the burden of which would fall on buyers. While sellers would see no change, the RETT revision would roughly triple the buyer’s tax to $26,500 per $1 million spent. In Los Angeles, real estate groups are currently fighting similar legislation.