Mayor Brandon Johnson has signed off on a compromise plan to raise the real estate transfer tax, but in a way that reduces the tax for homes sold for less than $1 million. The Sun-Times reported this modification of the original proposal from the “Bring Chicago Home” Coalition, which created a progressive three-tiered structure.
Under this revision, properties sold at less than $1 million will have their rate drop by 20 percent to 0.6 percent of price; sales between $1 and 1.5 million will be taxed 2%, while transactions over 1.5million incur 3%.
To place it on March primary ballot, City Council must approve its resolution authorizing referendum before January 2021; supporters aim to introduce updated resolution during upcoming meeting with hopes of approving it in October 2020 .
