HomeMy WebLinkAbout060-R-188/7/2018
60-R-18
A RESOLUTION
Instructing the City Clerk to Submit,
for the November 6, 2018 Ballot,
a Referendum for a Proposal
to Increase the Real Estate Transfer Tax
with the Additional Revenue Dedicated
to the City of Evanston General Fund
WHEREAS, the Illinois General Assembly, specifically in 65 ILCS
§5/8-3-19, allows home rule municipalities to increase their own Real Estate
Transfer Taxes only by means of referendum; and
WHEREAS, the City of Evanston is a home rule municipality under
Article VII of the 1970 Illinois Constitution; and
WHEREAS, the City of Evanston current transfer tax rate is five
dollars ($5.00) for every one thousand dollars ($1,000.00) of value, or fraction
thereof, per transaction; and
WHEREAS, the City seeks to escalate the City's real estate
transfer tax assessed based on sale price, keeping the current rate at five dollars
($5.00) for every one thousand dollars ($1,000.00) of value, or fraction thereof,
for sales up to one million five hundred thousand dollars ($1,500,000.00),
increasing the rate to seven dollars ($7.00) for every one thousand dollars
($1,000.00) of value, or fraction thereof, per transaction from one million five
hundred thousand dollars and one cent ($1,500,000.01) to five million dollars
($5,000,000.00), and increasing the rate to nine dollars ($9.00) for every one
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thousand dollars ($1,000.00) of value, or fraction thereof, per transaction from
five million dollars and one cent ($5,000,000.01) or more; and
WHEREAS, the increased revenue shall be dedicated to the City of
Evanston General Operating Fund and is a means to improve public safety,
public health, parks and recreation services, street improvements, and other
necessary City services; and
WHEREAS, the City Council of the City of Evanston hereby finds it
in the best interest of the City to impose such an escalating real estate transfer
tax to address the City's fiscal needs and maintain a balanced budget,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: The foregoing recitals are found as fact and
incorporated herein by reference.
SECTION 2: The City Clerk is hereby instructed to submit a
referendum to the proper election authorities for the November 6, 2018 ballot, for
all legal voters residing in the City of Evanston, to vote upon the following
question:
Shall the City of Evanston impose a real estate transfer tax
increase of forty percent (40%) to establish a new transfer tax rate
of seven dollars ($7.00) for every one thousand dollars ($1,000.00)
of value, or fraction thereof, for sales from $1,500,000.01 up to
$5,000,000.00 AND a real estate transfer tax increase of eighty
percent (80%) to establish a new transfer tax rate of nine dollars
($9.00) for every one thousand dollars ($1,000.00) of value, or
fraction thereof, for sales from $5,000,000.01 or more to be paid by
the seller of the real estate transferred?
The current rate of the real estate transfer tax is five dollars ($5.00)
for every one thousand dollars ($1,000.00) of value, or fraction
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thereof, and the revenue is used for the City's general fund. The
revenue from the increase is to be used for the funding of the City's
General Operating Fund, with the increase being used for
improvements related to public safety, public health, parks and
recreation services, street improvements, and other necessary City
services.
SECTION 3: This Resolution shall be in full force and effect from
and after its passage and approval in the manner provided by law.
Attest:
Devon Reid, City Clerk --
Adopted: MO,U i 13 „ 2018
ephen H. WH4, yo�
Approved as to
form:
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Michelle L. Masoncup, Corporation Counsel
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