Real Estate Transfer Tax Referendum

On January 14, 2019, the Village of Bannockburn Board of Trustees approved a Resolution to initiate the submission of a public question to establish a Real Estate Transfer Tax.  The referendum has been filed with Lake County and will be on the April 2nd ballot.

The referendum is related to whether the Village of Bannockburn should institute a Real Estate Transfer tax when a property sells. The transfer tax would have a variable rate depending on the sale price and would be as follows: $0.25 per $1,000 for properties sold up to $2,000,000; $0.50 per $1,000 for properties that are sold between $2,000,000 and  $4,000,000; and $3.00 per $1,000 for properties that are sold over $4,000,000.

Why is the Village requesting this referendum?

The informational handout below has been prepared to represent both sides of the argument related to the establishment of a real estate transfer tax.

Bannockburn Transfer Tax Fact Sheet (2019)

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