The Bring Chicago Home real estate transfer tax referendum seeks to raise what proponents estimate as $100 million in annual tax revenue earmarked for fighting homelessness by hiking the transfer tax rate on real estate values over $1 million. The policy pushed for by a broad group of progressive organizations and homelessness services groups has been strongly backed by Mayor Brandon Johnson, who led a City Council push to get the referendum onto the March 19 primary ballot.
The Illinois Supreme Court last week rejected an effort to invalidate the referendum, clearing the way for the question to remain on ballots and for votes to be counted.
If voters approve the referendum, the Chicago City Council would then officially vote to change the city’s flat 0.75% tax charged on the price of a property sale.
Properties purchased at less than $1 million would see their rate cut to 0.6%. Properties purchased between $1 million and $1.5 million would have a 0.6% tax on the first $999,999 of the sale price and 2% on the rest. Sales above $1.5 million would pay 0.6% on the first $999,999, 2% on the next $500,000, and 3% on the rest.
Votes will be counted in contested races after polls close in Illinois at 7 p.m. Central. See statewide election results here. Last minute questions about voting? View our voter guide. Here is one for Chicago residents and one for suburban residents.
