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Mayor Johnson Prepares Referendum on “Mansion Tax” for Voters. Chicago, Illinois

Mayor Johnson Prepares Referendum on “Mansion Tax” for Voters

The long-stalled ordinance known as “Bring Chicago Home” was designed to bring in millions through more than tripling the transfer tax on Chicago homes sold for more than $1 million. City leaders say the tax could raise roughly $160 million in annual revenue to combat homelessness by increasing the rate from 0.75% to 2.65%.

The tax hike has courted controversy, notably from realtor groups who fear the proposal could place an additional burden on an already-struggling real estate climate in Chicago. Governor J.B. Pritzker and some Democratic legislative leaders oppose the increase, but Johnson is determined to put on the ballot a binding referendum that allows Chicago voters to decide whether to approve the so-called “mansion tax.”

Last week, Mayor Johnson’s City Council allies held a three-hour hearing aimed at laying the groundwork as negotiations continue behind the scenes to determine how to word a referendum question to voters, according to the Chicago Sun-Times.


Inside The Story

Chicago Sun Times

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.

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