Voters in the city of Chicago will be able to vote on a referendum that would impose a so-called “mansion tax” that would fundamentally change the way real…
Supporters say $100 million could be raised to combat houselessnessVoters in the city of Chicago will be able to vote on a referendum that would impose a so-called “mansion tax” that would fundamentally change the way real estate transfers are taxed in the city.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyTheir ruling is that the referendum was approved as part of Chicago's legislative process, with home-rule units required to approve changes to transfer taxes via a public vote. Supporters say that the ordinance would result in a reduction in the transfer tax for approximately 94% of properties in the city, but critics warn that it could have a devastating impact on the commercial real estate market.
An increased rate would then be applied to the property value between $1 million and $1.5 million, with those funds taxed at a rate of $10 for every $500 in purchase price. That would represent an increase of 233% over the current rate. “The revenue from the increase is to be used for the purpose of addressing homelessness, including providing permanent affordable housing and the services necessary to obtain and maintain permanent housing in the city of Chicago,” the text of the referendum reads.
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