The proposal would have incrementally raised the city's real estate transfer tax on properties valued at more than $1 million.
As voters weighed the Bring Chicago Home pros and cons to change real estate transfer tax structure, the referendum appeared to be headed for defeat.Chicago voters have rejected a one-time real estate tax on properties over $1 million to pay for services for homeless people.It's a loss for first-term Chicago Mayor Brandon Johnson, who championed the so-called "mansion tax.
The measure also pitched lowering the transfer tax on properties under $1 million, which represents the vast majority of home sales in the nation's third-largest city. Opponents, including real estate groups, argued the tax unfairly targets commercial properties and business as downtown is still rebounding from the COVID-19 pandemic. They initially won their lawsuit targeting the measure on constitutional grounds, but it was overturned by an appeals court. The Illinois Supreme Court declined their motion for an appeal.Copyright © 2024 by The Associated Press. All Rights Reserved.
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