Crain’s Chicago Business: Johnson allies float a more ‘progressive’ real estate transfer tax hike

By Justin Laurence, Leigh Giangreco, July 27, 2023

The renewed legislative effort to raise the one-time tax on the sale of properties at $1 million or more to fund additional homelessness programs began Thursday with advocates for the proposal saying they’re open to a marginal tax rate that could increase support with voters and in the City Council. Mayor Brandon Johnson, along with many of his City Council allies, campaigned on passing the Bring Chicago Home proposal, which would more than triple the real estate transfer tax on sales of residential or commercial property at $1 million or more. The proposal would raise the tax from the current 0.75% to 2.65%; that would increase the transfer tax on a $1 million sale from to $26,500 from $7,500.