The referendum has also been referred to as a 'mansion tax.'
Votes for a controversial real estate tax referendum on Chicago's 2024 primary ballot, referred to by the city as 'Bring Chicago Home,' will be counted after all, anto pause the counting of the votes, saying the initiative improperly asked voters to decide on three separate issues pertaining to the tax, rather than one question being posed to voters.
Their ruling is that the referendum was approved as part of Chicago's legislative process, with home-rule units required to approve changes to transfer taxes via a public vote.The court also found that removing the question from the ballot would violate the separation of powers principle by “interfering with the legislative process,” and that the proper procedure would be to rule on the constitutional validity of legislation only after it’s enacted, according to the ruling.
If a majority of voters support the referendum, the Chicago City Council would be required to evaluate and pass the ordinance in the spring, according to proponents of the bill.Currently, real estate transfers in Chicago are taxed at a rate of $3.75 for each $500 of the purchase price. For any value over $1.5 million, the transfer tax would be boosted to $15 for every $500 in value, an increase of 400%.According to the text of the referendum, funds generated from the increased taxes would go toward initiatives aimed at combating houselessness in the city.
Nearly 94% of properties sold in Chicago would see a reduction in taxes because they’re valued at less than $1 million, accordingThe funds would be used to build permanent housing that will feature substance abuse counseling and other wraparound services, according to supporters.
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What is the ‘Bring Chicago Home' Referendum, and is it still on your ballot?The referendum has also been referred to as a 'mansion tax.'
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