What Evanston residents should know about Transfer Taxes
Evanston’s elected officials want to boost property taxes — again. This time, they are using a ploy to make some apartment dwellers and commercial property owners take on the burden of having to pay more. Transfer Taxes are imposed by a municipality at closing and can significantly add to the cost of selling private property.
What Evanston’s Proposal Would Do
Evanston voters will have a final say on a proposed transfer tax in November. Here’s a look at the proposal.
The Transfer Tax Now
A property sale in Evanston brings with it a Transfer Tax on a seller of $5 per thousand dollars. That means the seller of a $200,000 home sale would pay $1,000 on top of all the other taxes and fees he or she are expected to pay.
What Would Change?
Evanston would increase the Transfer Tax to $7 per thousand dollars for properties between $1.5-5 million, and $9 per thousand dollars for properties which sell for more than $5 million. That means, for example, the seller of a $6 million apartment complex would have to come up with an additional $54,000.
The dangers of Evanston’s Transfer Tax Scheme
Information on this Important Property Owner Issue
Transfer taxes are assessed when a property is transferred/sold. Most of the time, sellers pay. In some communities, buyers are hit with the tax. Learn more about how Transfer Taxes can affect you and what communities have the taxes by downloading this free overview.
What can I do?
Evanston voters get a chance to tell Evanston officials have the chance to vote on this bad policy Nov. 6. That’s because city officials have placed a referenda about Transfer Taxes on the ballot.