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Transfer tax revenue slumps

With two months left to go in the city’s fiscal year, real estate transfer tax revenue has fallen below the level needed to meet revenue projections.

Transactions 

While the average price of properties sold in Evanston managed a 0.3 percent increase in 2007, the number of properties sold has plummeted, with the drop growing especially pronounced as the year drew to a close.

A total of 50 properties changed hands last month, compared to 121 a year ago.

So far the tax revenue shortfall is relatively modest — about 6 percent of the $4 million the tax is expected to raise. And city officials have already built an assumption of a modest drop in revenue from the tax into next year’s budget proposal.

But continued slow property turnover could make that projection look overly optimistic.

Average price 

Figures from the City Clerk’s office show the value of sales last month totalled $26.5 million, down from $93 million a year ago.

Only three transactions valued at over $1 million closed last month.

The courtyard apartment building at 1509-1515 Hinman Ave. sold for $5.78 million

The commercial building at 3006 Central St. changed hands for $2.3 million.

A single-family home at 2430 Lincolnwood Drive sold for $1.43 million.


 

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