It Ain't All Big Hair and Cadillacs

Call and write to your legislator today and urge them to vote against the proposed Real Estate Transfer Tax for the RTA.

Senate Bill 572, as amended includes the authority for the Regional Transportation Authority (RTA) to impose a real estate transfer tax of $3 per $1,000 within the city of Chicago WITHOUT VOTER APPROVAL.

The Illinois Association of REALTORS and the Chicago Association of REALTORS STRONGLY OPPOSE this proposal and urge you to contact your Representative and Senator and urge them to REJECT this proposed transfer tax increase.

It is very troubling to give this statutory authority to levy a real estate transfer tax to a special taxing district governed by an APPOINTED Board.

This is ANOTHER LAYER OF TAXING authority on property owners in Chicago where a very high home rule municipal real estate transfer tax is already in place ($7.50 per $1,000 paid by the buyer) in addition to the State and county real estate transfer tax (combined $1.50 per $1,000 on the seller).

Illinois law also is very clear in that VOTER INPUT is required to impose a new or to increase an existing home rule real estate transfer tax. This proposal contravenes that public policy.
As you are well aware, the real estate transfer tax is a "hidden" property tax because most property owners are not aware of it until they buy or sell property.

SB 572 is sponsored by Representatives Julie Hamos, Paul Froehlich and Kathy Ryg and Senator John Cullerton and Ira Silverstein. To send an e-mail to your Senator and Rep., follow the prompts below. To call your state legislators, go to www.ilga.gov and look in the "Members" section for your legislators' Springfield phone numbers (the one with a 217 area code)

Click the link below to log in and send your message:

HOUSE passes version of the 7% bill Late Wednesday night (Thursday morning) the Illinois House passed House Amendment #1 to SB13.

The votes:
101 Aye
9 No
6 Present
Click HERE to see the Votes

The bill now goes to the Senate, with expectations that it may be called for a vote today (Thursday).

The language of this bill became available to us Wednesday morning, and has MANY components. TRAC will need time to review and fully understand the bill.

In essence, House Amendment #1 increases the Alternative general homestead exemption (the 7% cap) to $30,000 in the first year (previously $20,000); $24,000 in the second year; and $18,000 in the third year.

The bill aslo includes:
- Disabled veterans exemption
- Returning Veteran's homestead exemption (one-time benefit)
- Disabled persons' homestead exemption
- Disabled veterans standard homestead exemption
- An increase to the senior citizens homestead exemption
- An increase in the senior citizens assessment freeze homestead exemption
- An increase in the general homestead exemption
- The long-time occupant homestead exemption
- An abatement for the residence of a surviving spouse of a fallen police officer or rescue worker

The bill also establishes a Property Tax Reform and Relief Task Force selected from the House and the Senate.

There is a lot to review in this bill - and we look to have more information as it passes the Senate and makes its way to the Governor for his signature.

P.S. the House also passed a budget bill last night.

May 2007 - 2nd Edition

Edgewater Developments

Greetings

Red Line Meetings are your chance to create better Red Line Stations and craft a vision for the retail districts around the stations.

Final Red Line Meeting this coming Monday
by Adam Burck

Focusing on Thorndale & Granville Stations

This coming Monday, 5/7, we are holding the final meeting for the community to refine its vision for the Thorndale & Granville Red Line Stations. At the last meeting in March, over 50 people provided input on what they want the Granville & Thorndale to be like when the Red Line is revamped. Come out and help finalize that vision as well as your vision for the retail districts adjacent to the stations.

EDC has partnered with the UIC's City Design Center and Voorhees Center to create these charrettes, which are a form of community planning meetings. The results of the charrettes will be compiled in a final report that will be provided to State Representative Harry Osterman and our other elected officials to help them secure the funding to renovate the Red Line. We thank Harry Osterman for his help in securing the funding for these charrettes.

We welcome and encourage all community members to participate in the second round of charrettes. There is no need to have participated in the first charrettes. Refreshments will be served at 6:30 and the charrettes will begin at 7 p.m. See below for the details:

Thorndale & Granville Stations:

Monday, May 7th, 7 to 9 pm, Loyola University's Simpson Living & Learning Center, 6333 N Winthrop

Contact Information
email: info@edgewaterdev.org
phone: 773-506-4016
web: http://rs6.net/tn.jsp?t=fydmq4bab.0.4ipg7jbab.evywm8n6.2241&ts=S0238&p=http%3A%2F%2Fwww.edgewaterdev.org