Illinois REALTORS® lobbyists are monitoring activities in Springfield this week as the Illinois General Assembly kicked off its fall veto session Monday.

So far, the House of Representatives has scheduled hearings Monday and Tuesday in Springfield, while the Senate is scheduled for committee appointments Monday.

Among the items REALTORS® are monitoring is a proposal to increase a real estate Transfer Tax in Chicago, although a bill has not yet been filed. Chicago Mayor Lori Lightfoot has said she’s looking to the state for help with the city’s budget problems.

Photo of Greg St. Aubin and Julie Sullivan of Illinois REALTORS®

Greg St. Aubin and Julie Sullivan are monitoring action at the State Capitol for Illinois REALTORS®.

According to Greg St. Aubin, senior vice president for governmental affairs for Illinois REALTORS®, the association is sensitive to Chicago’s fiscal situation.

“That stated, we also are mindful that Chicagoans already shoulder a crushing property tax burden,” St. Aubin said. “Adding to ​the existing tax burden on property owners, buyers and sellers is a big concern as we work toward a shared goal of making the city as attractive as possible for living and investment.”

Additional ​real estate transfer taxes would ultimately affect not just private property owners, but renters as well. Property owners would have no choice but to pass on additional costs that come with owning real estate. Housing affordability is already a big concern in Chicago, and any tax policy must be measured against how it would help or harm the city’s residents.

The association is looking to review any legislation on the Transfer Tax once it is filed.