Mayor Lori Lightfoot’s long-stalled ordinance, “Bring Chicago Home”, is aimed at raising millions of dollars to combat homelessness in the city. The proposal would increase the transfer tax on homes sold for more than $1 million from 0.75% to 2.65%. This has caused controversy among realtor groups who fear it could place an additional burden on a struggling real estate climate in Chicago and Governor JB Pritzker and some Democratic legislative leaders have opposed this increase as well.
Last week Mayor Johnson held a three-hour hearing with his City Council allies to lay out groundwork for negotiations surrounding how best word a referendum question that will be put forth to voters regarding this so-called “mansion tax” referendum – allowing them decide whether or not they approve of the proposed hike in taxes.
