Former Illinois Association of Realtors President, Robert Zoretich addressed the pending proposal by legislation to fund the Chicago Transit Authority's pension fund in the Chicago Tribune.  Their plan, to increase the property transfer tax on all real estate transactions.  

What does this mean?  It means homebuyers and sellers are about to get raped.  For those unaware, the real estate transfer tax is a non-negotiable, large portion of closing costs that burdens buyers and sellers.  Currently, taxes to the city, county and state equal $9 for every $1,000 in value of the property.  Legislation wants to raise it to $11 per $1,000. 

I can tell you this, most sellers, and especially buyers, are speechless when reviewing the closing statement and they see that transfer tax (it's divided between buyer and seller). Attorneys jokingly tell their homebuyer clients, this is your very expensive "welcome home mat" from the city.  It is without a doubt, a heavier burden to the already difficulties associated with buying or selling a home.  It will only prove to be a greater obstacle to those looking to buy a home, and for those needing to sell in a stagnant market.

Chicago's aspiring homeowner's and seller's should not be the honey pot to bail the city from its budgeting plight.