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City Council allies of Mayor Brandon Johnson announced their intentions to get a real estate transfer tax hike that would fund homelessness services on the 2024 primary ballot, seeking to advance ...
CHICAGO (Reuters) -Chicago voters on Tuesday appeared to reject a higher real estate transfer tax on properties worth over $1 million, a proposal that proponents said could raise $100 million a ...
An ambitious drive to get a housing measure on Chicago’s Feb. 28 ballot — asking if the city should raise taxes on its priciest property sales to fund services for homeless people — appeared ...
Real estate transfer taxes have become controversial in some U.S. jurisdictions seeking to increase transfer taxes on higher end property sales to help combat issues like homelessness. 2022's Chicago's Bring Chicago Home initiative, seeks to increase transfer taxes on $1 million transactions by 253% or t o 2.65% or $26,500 per million dollar of ...
The RTA sales tax was increased to 1.25% in Cook County, and 0.75% in the collar counties (from 1% and 0.25%, respectively), but one-third of the sales tax collected in the collar counties (i.e. 0.25%) is distributed directly to the counties [39] and the county boards may use that money for transportation or public safety purposes. [40]
The proposal would have incrementally raised the city’s real estate transfer tax on properties valued at more than $1 million. Supporters estimated it would have generated $100 million annually ...
[10] [11] In 2021, Dr. Hermann began pushing a differing proposal called the Automated Deposit Tax, which he also calls the "Tiny Tax." [ 12 ] He says it is a combination of a Tobin Tax and APT Tax. It would only charge the party depositing money into their account, rather than both parties to a transaction.
“They know that they can't do property taxes because people are fed up with that and we saw the Chicago mayor lose his $300 million proposal for property tax increases by 50 to 0.