The “Bring Chicago Home” referendum will give city voters an opportunity to determine how real estate transfer taxes are assessed, but how would the program…
will give city voters an opportunity to determine how real estate transfer taxes are assessed, but how would the program work?
As things stand, all real estate transfers in the city are taxed at a rate of $3.75 per $500 of assessed value.Under the new proposal, that tax would instead be changed to a graduated rate. For property values under $1 million, the tax rate would be $3 for every $500, a reduction of 20%. The point of the ordinance would be to raise money to help Chicago residents who are experiencing homelessness, according to supporters., money would be used exclusively toward “any support provided by the city or a delegate agency selected by the city to people experiencing or at risk of homelessness, including providing permanent affordable housing and the services necessary to obtain and maintain permanent housing.
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