To the Editor:
Here is why I’m voting yes on the village of Oswego proposition to establish a real estate transfer tax for water fund purposes: This tax would be imposed on buyers of real estate in Oswego and be used for the construction and maintenance of the village water system, including connection to Lake Michigan water.
Oswego’s population has soared from 3,000 when I moved here in 1989 to about 33,000, creating a drain on our fresh water aquifer. The village has conducted its search for a replacement water supply professionally and thoroughly, engaging outside experts to conduct financial, engineering, and environmental analyses. The conclusion reached was to connect to the DuPage Lake Michigan water system, the quickest and most cost-effective option. Hence, we all must now pay for this new water supply or move away from Oswego.
Capital costs associated with building the infrastructure to connect with the DuPage water system are a major component of total costs. The village proposal places part of that cost burden on new real estate buyers. It is a one-time transfer tax of $3 per $1,000 of the real estate’s value upon purchase. Hence, a $300,000 purchase would be taxed $900. The thrust of this proposal is to lessen the cost effect on all of us who currently own real estate in Oswego.
In my opinion, it is equitable to have future real estate owners share the cost burden because they too will enjoy the benefits of Lake Michigan water for years to come. Please join me in voting yes on this proposal.
Leonard R. Wass
Ret. Captain, USN
Source: The Daily Chronicle