Illinois | Macon County Sues Fannie Mae, Freddie Mac Over Transfer Taxes

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Macon County sues Fannie Mae, Freddie Mac over transfer taxes

SPRINGFIELD – Macon County is the latest Illinois county to file a lawsuit against Fannie Mae and Freddie Mac over failing to pay real estate transfer taxes on foreclosure properties.

Officials in the central Illinois county filed suit Dec. 4 in federal court in Springfield, asking a judge to order the two federal mortgage finance companies, as well as the Federal Housing Finance Agency, which oversees them, to pay the transfer taxes; issue a declaration that they are subject to having to pay them; and award damages, interest, penalties, costs and attorney fees.

Macon County also wants its suit to be certified as class-action to include all 102 counties in Illinois.

A transfer tax is an excise tax that has to be paid when a property is sold or transferred to a new owner. Illinois’ statewide transfer tax rate is 50 cents for every $500 of the property’s value. There also is a county transfer tax that is 25 cents for every $500 of value.

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One Response to “Illinois | Macon County Sues Fannie Mae, Freddie Mac Over Transfer Taxes”
  1. stripes says:

    There is a Santa Claus….Hope he beats the hell out of Satan Claus…..

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