Voters in the city of Chicago will be presented with a referendum on their ballots in the 2024 primary election, asking if they approve of a so-called…
Supporters say $100 million could be raised to combat houselessnessVoters in the city of Chicago are being presented with a referendum on their ballots in the 2024 primary election, asking if they approve of a so-called “mansion tax” that would fundamentally change the way real estate transfers are taxed in the city.
An increased rate would then be applied to the property value between $1 million and $1.5 million, with that valuation taxed at a rate of $10 for every $500 in purchase price. That would represent an increase of 233% over the current rate. “The revenue from the increase is to be used for the purpose of addressing homelessness, including providing permanent affordable housing and the services necessary to obtain and maintain permanent housing in the city of Chicago,” the text of the referendum reads.
“Your average home buyer will see a reduction in the amount that they have to spend in the real estate transfer tax as a result of this change,” Ald.. “But we’re also then asking the very top of the market, some of the biggest corporations in the world, that as they purchase property in the city of Chicago, that they pay a little more.”
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chicago Votes parade leads CPS students to voting polls amid 'Bring Chicago Home' referendum debateLast minute efforts to get voters to the polls were underway on several fronts Friday, with the Illinois primary election just four days away.
Read more »
Chicago's Bring Chicago Home campaign aims to address affordable housing for veteransThe Bring Chicago Home campaign seeks to shift the city's Real Estate Transfer Tax to fund affordable housing for veterans experiencing homelessness. The campaign faces challenges from the real estate lobby, but it represents a critical step in addressing the housing crisis in Chicago.
Read more »
What you need to know about Bring Chicago HomeThe measure, which would raise the city’s real estate transfer tax for property sales above $1 million, has taken a bumpy road to get there, including a late court fight from the real estate lobby.…
Read more »
'Bring Chicago Home' referendum goes up for voteChicago ended 2023 with 6,139 people experiencing homelessness on any given day, according to the city’s annual Point-In-Time or (PIT) count. On March 19, primary voters will find a tax referendum on the ballot that aims to mitigate the crisis.
Read more »
IL Supreme Court denies appeal of counting votes for controversial Bring Chicago Home referendumThe Illinois Supreme Court on Wednesday denied an appeal that challenged a recent ruling that votes could be counted for a controversial ballot referendum to help combat homelessness in Chicago.
Read more »
Appeal to nullify results of ‘Bring Chicago Home' referendum denied by Illinois Supreme CourtAn appeal from the Building Owners and Managers Association to nullify the results of a controversial real estate tax referendum on Chicago's 2024 primary…
Read more »