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City Hall can't tax mortgage transfers, because mortgages don't equal ownership, appeals panel says

Dan Churney Dec. 27, 2016, 12:17pm

A state appeals panel in Chicago has ruled the city of Chicago can’t impose its real estate transfer tax on mortgage assignments for two properties – one on the Gold Coast – because mortgages don’t confer ownership, and so are not “beneficial interests” as defined by the tax ordinance.