Cook County Board President Toni Preckwinkle proposed lowering transfer fees on vehicle sales between county residents Wednesday.
The proposal calls for the tax to drop to $90 for vehicles 9 years or older; $175 for vehicles between 4 and 8 years old; and $225 for vehicles 3 years old or newer. A $25 transfer tax will still apply to transfers between immediate family members.
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Motorcycles will be taxed at $90 no matter the age, but $25 among immediate family members.
Currently, the taxes range from $225 for any vehicles newer than 5 years old; $200 for vehicles between 6 and 10 years old and $175 for anything older than 10 years.
If approved by the county board next month, the new rates would go into effect Aug. 1. The county projects $7.8 million in revenue from vehicle transfers and is not adjusting those projections in light of the possible rate change.