Real estate recording fee STOPPED today

May 9, 2013

Real estate recording fee STOPPED today

dollar sign behing stop symbolSenate Bill 1244 failed in a 6-4 vote on May 9 in the Illinois Housing of Representatives Housing Committee. In testimony before committee members, IAR lobbyist Julie Sullivan expressed concern for property taxpayers who continually are tapped for funding government programs and she cited the numerous other federal and state assistance programs for affordable housing. 

The bill would authorize Lake County only to impose an additional surcharge on the recordation of any "real estate related document" (there may be several in any one real estate transaction) in order to establish a Lake County affordable housing trust fund. 

"We fundamentally disagree with the concept of addressing housing affordability by increasing the cost of housing with more fees," says Sullivan. 

Many members of the Illinois Association of REALTORS® called their state legislators to voice REALTOR® opposition to the bill arguing "enough is enough!" While proponents of the fee argued that it's "just another couple dollars per document," state and local governments already impose numerous fees on real estate, aside from property taxes, including a real estate transfer tax to fund a state affordable housing trust fund, which local governments can access. There also is a $10 surcharge for the state Rental Housing Support Program and numerous other federal and state assistance programs that can be accessed. 

Link to bill