* As expected the Chicago city council approved the real estate transfer tax yesterday with some minor adjustments…
Aldermen held their noses, swallowed hard and demanded that members of the military and disabled veterans get free rides, but ultimately voted to complete a Chicago Transit Authority bailout by hitting city property buyers with a 40 percent transfer tax increase.
Some senior citizens will catch a break, but the City Council’s approval by a 41-6 vote means that Chicago’s real-estate transfer tax will climb for most everyone from $7.50 per $1,000 of sale price to $10.50 beginning April 1. On a $300,000 home, the result would be a $900 increase.
People 65 and older who buy houses priced at $250,000 or less and attest that they will live in them for at least a year will get a refund of the transfer tax increase but will be required to apply to receive it.
* The vote was overwhelming, but Mayor Daley was angry at the half-dozen aldermen who voted against it…
The vote was 41-6 — and the six “no” votes had the mayor seething. They were cast by Aldermen Robert Fioretti (2nd), Sandi Jackson (7th), Sharon Denise Dixon (24th), Rey Colon (35th), Brian Doherty (41st) and Bernard Stone (50th).
“If Ald. Fioretti believes they don’t need the CTA in his ward, then stand up and say, ‘CTA, bypass my people.’ . . . You’ll last about a half a day. They’ll have to send . . . police and fire to protect you and your families,” Daley said, his voice dripping with sarcasm.
Daley continued his diatribe, finally saying, “Those who want to run for higher political office, vote ‘No,’” a dig at some aldermanic opponents who are rumored to be seeking higher office.
* When you serve in a legislative body run by an absolute control freak, any dissension is deemed traitorous. And, while I hate to say it, Ald. Stone made a pretty good point…
Stone dismissed the senior exemption as a “showpiece” that “isn’t worth a damn,” noting that most seniors are sellers — not buyers.
The showpiece comment was on the money. There aren’t many houses in Stone’s ward selling for less than $250,000.
*** UPDATE *** WGN has posted Mayor Daley’s entire snarky rant on YouTube. It’s a must-see…
