Voters had their say on a proposed increase in the transfer tax charged on real estate transactions in Evanston. With 58 percent of voters weighing in against the proposal, the proposed $1 hike in the real estate transfer tax was defeated.

This is good news for the real estate market, as sales around the Evanston area have been hurt by a downturn in the market. Many buyers are unable to get financing for new mortgages due to tougher requirements from banks and lenders.

Extra costs associated with real estate transactions would be passed on to buyers, further dampening demand for homes and condos around the Evanston area.

In other news, the city council discussed plans for a property tax hike in the city. The proposal calls for an increase of 10.5 percent for property taxes around the city. The Evanston City Council is looking for ways to fill a gap in the budget for the city, and is looking at raising taxes as one way to balance the city’s books.

Find the best Evanston Illinois Real Estate today and get great deals on condos and homes around the city.

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This entry was posted on Thursday, February 7th, 2008 at 5:11 pm and is filed under Evanston Real Estate(t) . You can leave a response.