Mayor Brandon Johnson has signed off on a compromise plan to raise the real estate transfer tax, but in a way that will reduce the tax for homes sold for less than $1 million, reported the Sun-Times.  

These modifications changed the original proposal from the “Bring Chicago Home” Coalition, and instead, Johnson signed off on a progressive three-tiered structure.

Under the proposed revision, the rate would drop by 20 percent for properties sold for less than $1 million to 0.6 percent of the price, but it would rise to 2 percent for sales between $1 million and $1.5 million. The rate escalates further to 3 percent for transactions over $1.5 million.

In order to be placed on the March primary ballot, a resolution authorizing the referendum must be approved by January. Supporters of the tax draft aim to introduce the updated resolution at an upcoming City Council meeting, with the hope of approving it in October.