The City of Chicago has approved a new tax on real estate sales in the city, and the city is asking taxpayers to foot the bill for the property tax increases.
The property tax increase will be $4,848 per year.
The city’s tax rate for property values is 4.9%.
It will be levied on all property valued between $500,000 and $1 million and it will be applied to all property with a market value over $1.9 million.
The tax increase on single-family homes is $1,400 per year and it applies to properties valued between a $1-million and $5-million market value.
The tax increase applies to all homeowners and renters in the Chicago suburbs of Joliet, Oak Park, South Shore and Lakeview.