Real Estate Market Conditions Hurting Chicago Budget
10 August 2009 ? The impact of the conditions of the local real estate market is one of the a largest factors to the growing budget deficit of the City of Chicago. With a projected shortfall for the overall budget in 2009 to exceed $300 million dollars, the mayor?s office is predicting a greater number for 2010. According to the City of Chicago, property sales contributed approximately $250 million to the city?s revenue via the transfer tax at the height of the market in 2006. This tax totaling $10.50 per $1,000 of purchase price($7.50 by the buyer, $3.00 by the seller) paid at the closing of each real estate transaction is estimated to bring in only $55 million in 2009. The city is only budgeting $53 million for 2010. The concerns all Chicago Realtors®, residences and business should have is where the city will be looking to make up this shortfall.
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Business, Chicago, economy, taxes
About Andrea Geller
Andrea Geller, Realtor® with Sudler Sotheby?s International Realty, specializes in residential real estate sales and marketing of resale properties and new construction homes. Acknowledged as an expert in the real estate industry, Andrea has been interviewed for industry related articles for print and online media including the Chicago Tribune, Crain's Chicago Business, Reuters, Bankrate.com, and Illinois Realtor Magazine. Andrea's commitment extends to the community as an active member of several professional associations. Her appointments include the Board of Directors of the Chicago, Illinois, and National Association of Realtors® and the Lakeview Chamber of Commerce. She markets herself under HOT PROPERTY®, an innovation in the real estate industry led by Chaz Walters that has been marketed since the 1990s. This unique real estate concept is always a step ahead of the industry providing marketing from cutting edge interactive exposure to targeted innovative advertising opportunities. Visit her at www.hotpropertychicago.com or 773.868.3090.
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August 10, 2009
Daily Real Estate Updates