Illinois REALTORS® Local Government Affairs Director Joe Roth told an audience in Evanston that implementing a steep increase in the city’s transfer tax on certain properties would not have the desircd effect.
Roth, who also represents the North Shore Barrington Association of REALTORS®, said such a drastic increase would be irresponsible.
Evanston is asking voters on Nov. 6 to approve a measure allowing the municipality to charge $7 for every $1,000 for properties selling for between $1.5 million and $5 million. That would increase to $9 per every $1,000 on properties selling for more than $5 million.
REALTORS® have said that such a dramatic increase could hurt future investment in the city, as businesses and larger residential complexes might opt to locate elsewhere.