The city’s current real estate transfer tax charges a 0.75% flat rate on all property sales in Chicago. To make the prospect of a tax increase more palatable to voters, the mayor’s team this summer hammered out a new version that offers a tiered tax rate system designed to hit the most expensive property sales hardest.īring Chicago Home advocates have also argued that even with the volatility of past transfer tax collections, the city needs a dedicated revenue stream to fund programs like emergency rental assistance, buying and rehabbing shelter space and direct housing help. Johnson and his progressive allies have said his April runoff victory and the burgeoning migrant crisis spell new momentum for the measure, even as the real estate transfer tax has offered unreliable revenue hauls in recent years.
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