By Todd Feurer (CBS2), November 7, 2023
Chicago voters will decide next March whether to give the City Council authority to increase the tax on sales of million-dollar properties in order to fund efforts to fight homelessness.
The City Council voted 32-17 on Tuesday to place a binding referendum on primary election ballots to approve the so-called “Bring Chicago Home” ordinance, which would create a tiered system for the real estate transfer tax for property sales in Chicago:
- The transfer tax for properties valued at less than $1 million would drop from 0.75% to 0.60%.
- Properties sold for between $1 million and $1.5 million would pay a 2% transfer tax, nearly triple the current rate.
- Properties sold for $1.5 million or more would pay a 3% transfer tax, four times the current rate.
The proposal is a key initiative of Mayor Brandon Johnson’s progressive agenda. The mayor has said the ordinance would lower the real estate transfer tax for 95% of homeowners, while increasing the tax on more expensive buildings, creating approximately $100 million in annual revenue for efforts to combat homelessness.
Chicago Coalition for the Homeless is a proud coalition member of Bring Chicago Home.