Cook County may lower vehicle transfer fees

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.

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.