Chicago Sun Times: Mayor’s allies prep for referendum on ‘mansion tax’ to aid city’s unhoused people
ByJuly 27, 2023
As originally proposed, the long-stalled ordinance known as “Bring Chicago Home” would more than triple the transfer tax on Chicago homes sold for more than $1 million to raise roughly $160 million in annual revenue to combat homelessness. The tax would go from 0.75% to 2.65%.
But under questioning Thursday, retiring Housing Commissioner Marisa Novara disclosed that a “marginal” tax is under consideration that would apply the dramatically higher tax only to that portion of the sale above $1 million. If a home is sold for $1.2 million, the first $1 million would be taxed at 0.75%. The 2.65% transaction tax would apply to the remaining $200,000.