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Cities in Illinois eye ‘exit tax’ for pricey homes

NOVEMBER 27, 2018 | by Cole Lauterbach | ILLINOIS NEWS NETWORK

“Some municipalities have approved, or are considering, charging a 'transfer tax' on homes of a certain value. A proponent of the additional fee is on incoming Gov. J.B. Pritzker’s transition committee, but there's no plan to implement a statewide tax. Supporters say it generates revenue to fund needed programs, but the real estate community says it’s likely to backfire, costing renters more and ultimately depressing property values.”

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