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Chicago & Midwest  + Downtown  + Illinois  + Office  | 

BOMA, Business Groups Sue Over Transfer Tax Proposal

BOMA/Chicago (Building Owners and Managers Association of Chicago) and a coalition of business groups have filed a lawsuit against the Chicago Board of Election Commissioners.

In a lawsuit filed Friday in Cook County Circuit Court, the suit seeks an injunction prohibiting the Commissioners from certifying and placing the proposed Transfer Tax Referendum question on the March 2024 Primary Election ballot. BOMA/Chicago and the other plaintiffs contend that the three-part question being posed to voters violates the Illinois Municipal Code and Illinois Constitution.

The lawsuit is part of efforts from groups who oppose Chicago Mayor Brandon Johnson’s proposal to impose a transfer tax. Under the proposal, portions of property valued above $1 million would be taxed at higher rates, while property valued under that amount would see a tax cut. At least $100 million annually is estimated to be generated from the tax, which the city would use to address homelessness.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.