On Nov. 6, Bannockburn voters can stop the village from imposing a real estate transfer tax on future property sales by voting against a local referendum.
The Illinois REALTORS®, the trade association that works to protect private property rights and keep taxes low, encourages Bannockburn residents to vote “no” on the referendum. If it is defeated, Bannockburn will not add closing costs to village property sales.
Illinois REALTORS® is fighting the idea the village needs a new tax to inspect homes. The village already charges sellers $100 for every property transaction.
REALTORS® don’t want to give the village government the authority to decide if and when property owners can sell their homes. Although 95 percent of Illinois municipalities do not have transfer taxes, REALTORS® say those that do use it to stop the transfer of homes.
Located in Lake County, Bannockburn had 1,583 residents during the 2010 census.