A contentious measure proposed by Chicago Mayor Brandon Johnson to increase taxes on real estate transactions of $1 million or more is officially back on the March 19 ballot.
The Appellate Court of Illinois on Wednesday vacated an earlier judgment by Cook County Judge Kathleen Burke that had struck down the measure.
The lawsuit challenging Johnson’s plan was brought by the local chapter of the Building Owners and Managers Association, which said the ballot question was misleading. The proposal now heading to voters would decrease one-time real estate transfer taxes on transactions under $1 million and increase them on sales over $1 million.
The additional tax revenue raised would go toward services for the city’s homeless population.
Jim Vondruska/Getty Images
“I’ve said all along that the people of Chicago should determine how we address the unhoused crisis in Chicago and I made a commitment as not just a candidate but as mayor of the city of Chicago that I would do everything in my power to move us closer toward housing for all,” Johnson said after the ruling. “I am encouraging everyone to vote in this upcoming election cycle.”
The tax would also be graduated, with properties between $1 million and $1.5 million incurring a duty increase of $10 per every $500, and properties over that facing charges of $15 for every $500.
While branded as a tax on mansions by its proponents, the increase would apply to all residential and commercial properties over $1 million should the referendum pass.
The appellate judges ruled that the lawsuit by BOMA was premature, saying that Illinois courts haven’t interfered in challenges to referendums that are part of the legislative process.
Credit: Source link
