An Illinois Appellate Court panel has ruled in favor of Chicago Mayor Brandon Johnson, overturning a previous ruling by a Cook County judge. The mayor’s plan to raise taxes on properties worth $1 million or more in order to fund efforts against homelessness was deemed valid and will be included on the upcoming primary election ballot.
The proposal, known as the Bring Chicago Home referendum, would allow for restructuring of the city’s real estate transfer tax with a tiered system. Properties valued at less than $1 million would see a decrease from 0.75% to 0.60%, while those sold for between $1 million and $1.5 million would face an increased rate of 2%. For properties sold at or above $1.5 million, the transfer tax rate would be raised fourfold to 3%.
In response to the Appellate Court decision, Mayor Johnson stated that this issue should ultimately be decided by voters rather than through legal proceedings. He also emphasized that this measure is intended as a dedicated source of revenue for addressing homelessness in Chicago and urged all residents to make their voices heard through voting in support or opposition during this election cycle.
