Chicago voters will decide the fate of Mayor Brandon Johnson’s proposal to raise the real estate transfer tax on million-dollar properties. The Chicago City Council approved the referendum 32-17, and voters will have the final say in March.
Currently, all Chicago real estate sales are taxed at 0.75%. The proposal would create a tiered structure based on the value of the property being sold.
Here is the link to read more about this tax: https://www.illinoispolicy.org/chicago-city-council-puts-mansion-tax-on-march-2024-ballot/