Chicago's proposed real estate transfer tax, referred to by some as the 'mansion tax' or 'Bring Chicago Home,' has topped races to watch for the 2024 Illinois…
If Chicagoans vote in favor of the"mansion tax," revenue raised by the tax increase would be dedicated to efforts to combat Chicago homelessness.As polls close Tuesday and votes are tallied, we'll track how Chicagoans voted on the measure, which looks to increase the city’s real estate transfer tax on all properties over $1 million and use the funding to address homelessness.
It would reduce that rate to $3 of every $500 for properties sold for under $1 million. For sales over $1 million, it would increase the rate to $10 for every $500 of the price between $1 million and $1.5 million. For properties over $1.5 million, the rate would become $15 for every $500 of the price more than $1.5 million.Proponents say it would lower taxes on the majority of home sales while projecting increase revenue of $100 million dollars a year.
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