CHICAGO-Officials of the City Council committee have approved aproposal that will allow voters to decide if banks should paytransfer taxes when they take possession of a house throughforeclosure.


This is in effort to increase revenue for the city from sales ofhomes. According to the state law, lenders and banks do not paytransfer taxes, but could be made to if the aldermen get theapproval of the voters. The proposal was approved with an 8-2majority. For the full story, go to Chicago Tribune.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.