Chicago’s Proposed Mansion Tax Faces Troubled Real Estate Market
- Measure seeks to hike levy on property sales over $1 million
- Proposal heads to the full City Council for a Wednesday vote
Homes in Chicago.
Photographer: Daniel Acker/BloombergA Chicago City Council committee advanced a measure Tuesday to raise taxes on the sale of properties over $1 million, making the third-largest US city the latest to seek to tap higher-end real estate deals to reduce homelessness.
Aldermen on the rules committee voted 36 to 16 to put the proposal to increase the so-called real estate transfer tax on the March 2024 ballot. The item is now headed to the full City Council, which is expected to vote Wednesday to determine if the measure will go in front of voters next year.