Move to Florida while you still can. The Chicago Sun-Times reports:
Mayor Daley is exploring the possibility of raising Chicago's real estate transaction tax by as much as 53 percent to help close a $220 million budget gap, City Hall sources said Monday.Chicago home buyers would pay through the nose — as much as $960 more on the purchase of a $240,000 property — if Daley ultimately decides to cash in on the city's booming housing market and voters approve the tax increase in the referendum required by state law.
In related news, Tropicana recently moved from Bradenton, Fla. to Chicago as a money-saving move.
This was originally posted at Hundred Acres, the world's first real estate community weblog.
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