Joliet/Will County REALTORS® accomplished a victory for the local economy last month as the Joliet City Council unanimously voted down an effort to increase the city’s real estate transfer tax by 66 percent.
A real estate transfer tax increase from $3 per $1,000 value to $5 per $1,000 was one of several ideas proposed to generate revenue in the city’s 2016 budget.
REALTORS® rallied to the cause, filling the council chambers and providing personal testimony. The measure framed the increase as a measure that would have unintended consequences for Joliet’s fragile housing recovery, such as giving neighboring communities without real estate transfer taxes a greater competitive advantage. Testimony illustrated how the economic costs would outweigh the projected $1.1 million in City revenues.
When the resolution was called for a vote, there was a tense silence before Councilman Jim McFarland offered a motion to deny the increase. The motion to deny was seconded and quickly passed with unanimous support from the council.