Mayor Johnson Signs Modified Mansion Tax Plan: Compromise Reached

Mayor Johnson Signs Modified Mansion Tax Plan: Compromise Reached

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 .

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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