Retirement Home Sale Nets Wheaton Almost $120K Windfall

The March sale of the Wyndemere retirement complex has given Wheaton a surprise cash infusion thanks to the transfer of real estate transfer taxes, according to a Chicago Tribune report.

A total of $119,750 came from taxes of two property sales March 2 connected with the complex that has facilities at 200 Wyndemere Circle and 2180 Manchester Road, the report stated. Wheaton‘s transfer tax is 0.25 percent of the sale price, and the sale totaled $47.9 million, the report added.

The windfall came before the end of Wheaton’s 2014-15 fiscal year and is another surprise financial influx form transfer taxes this period, the report stated. Overall, Wheaton collected about $550,000 more in real estate transfer taxes than expected for this fiscal year, which ended April 30, the report stated. In total, the city received $1.1 million in the transfer taxes this year, according to the report.

>>via the Chicago Tribune