NBC5: Chicago voters to determine fate of property transfer tax referendum

Mayor Brandon Johnson looks to the side.

By NBC5, November 7, 2023

Chicago voters will be asked to decide whether to allow the City Council to assess new property tax transfer levies as part of an effort to combat homelessness. The City Council voted on the “Bring Chicago Home” referendum on Tuesday, passing it by a 32-17 margin. The decision will place the decision on the bill’s ultimate fate before Chicago voters in the upcoming primary, which will take place on March 19.

According to supporters of the bill, it would implement a new tiered tax rate on all property transfers, with additional funds being raised to help combat homelessness in the city of Chicago. The transfer tax would be reduced on the first $1 million of property value on eligible transfers, but would then increase on property valued at more than $1.5 million, then again for property valued at $2 million or more. If approved by voters, the new tax rates would go into effect in Jan. 2025, according to officials.

Chicago Coalition for the Homeless is a proud coalition member of Bring Chicago Home.

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