CBS2: Voters to decide whether to raise Chicago tax on sales of million-dollar homes to fight homelessness

By Todd Feurer (CBS2), November 7, 2023

Chicago voters will decide next March whether to give the City Council authority to increase the tax on sales of million-dollar properties in order to fund efforts to fight homelessness.

The City Council voted 32-17 on Tuesday to place a binding referendum on primary election ballots to approve the so-called “Bring Chicago Home” ordinance, which would create a tiered system for the real estate transfer tax for property sales in Chicago:

• The transfer tax for properties valued at less than $1 million would drop from 0.75% to 0.60%.
• Properties sold for between $1 million and $1.5 million would pay a 2% transfer tax, nearly triple the current rate.
• Properties sold for $1.5 million or more would pay a 3% transfer tax, four times the current rate.

The proposal is a key initiative of Mayor Brandon Johnson’s progressive agenda. The mayor has said the ordinance would lower the real estate transfer tax for 95% of homeowners, while increasing the tax on more expensive buildings, creating approximately $100 million in annual revenue for efforts to combat homelessness.

Chicago Coalition for the Homeless is a proud coalition member of Bring Chicago Home.

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