“Lee is right: the availability of public transit adds thousands of dollars to the value of every property in the city – particularly the downtown commercial properties which are valued at closest to ‘par value’ (and which pay a much higher property tax rate than we homeowners, anyhow). It’s only fair that those of us who profit from transit pay to support it.
Indeed, I’m a stickler for ‘taxation nexus,’ the logical connection between what’s being taxed and what government service that tax pays for. Schooling raises incomes, both individually and socially, so we should pay for schools with an income tax. My own condo’s value has nothing to do with the nearby schools, but everything to do with the nearby ‘L’ stop – my property taxes should fund that service instead.”
– PC, bumping a recent discussion about a real-estate transfer-tax hike tied to the recent CTA rescue plan.
As Joe Zekas mentioned this weekend, Chicago Realtors have launched a campaign against the 40-percent tax increase. The City Council’s finance committee will review the levy today at 10 a.m.