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Posted On: 03/12/2024 7:01:50 PM
Post# of 124258
Higher property taxes, higher rents, stalled investment and revenue shortfalls await Chicago if the new transfer tax is enacted.
Since we last posted about Chicago’s proposed new real estate transfer tax, known as Bring Chicago Home, a lot has happened around the issue.
In late February, a circuit court judge ruled that the ballot measure violated Illinois election law because it attempted to push through an unpopular proposal (raising taxes on some individuals) by bundling it with a popular one (lowering them on others). But recently, the Illinois Appellate Court reversed the ruling, putting Bring Chicago Home back on the ballot.
This means the issue will be decided at the polls on March 19.
As a reminder, Bring Chicago Home proposes to raise transfer taxes on real estate purchases over $1 million by 167%; raise taxes on purchases over $1.5 million by 300%, and lower transfer taxes on purchases under $1 million by 20%. Revenue from the new tax would go to help Chicago’s unhoused population.
But Bring Chicago Home is not just about whether you believe the city needs to do more to address homelessness. Nor is it about raising taxes on wealthy homebuyers while giving middle class buyers a break. Bring Chicago Home will have sweeping ramifications that will impact every Chicagoan, whether they are rich or poor, own or rent, and even whether they live in the city or beyond it.
https://blog.atproperties.com/2024/03/11/its-...cago-home/
Higher Rents
Proponents of Bring Chicago Home have been telling voters that the measure won’t have any effect on apartment rents. But a survey by the Neighborhood Building Owners Association and apartment broker Kiser Group found that 74% of landlords would raise rents to offset the higher transaction costs associated with Bring Chicago Home.
VOTE Demo Crap >< 2024 Cerap On Your Life More In 2024 > > L O L
Since we last posted about Chicago’s proposed new real estate transfer tax, known as Bring Chicago Home, a lot has happened around the issue.
In late February, a circuit court judge ruled that the ballot measure violated Illinois election law because it attempted to push through an unpopular proposal (raising taxes on some individuals) by bundling it with a popular one (lowering them on others). But recently, the Illinois Appellate Court reversed the ruling, putting Bring Chicago Home back on the ballot.
This means the issue will be decided at the polls on March 19.
As a reminder, Bring Chicago Home proposes to raise transfer taxes on real estate purchases over $1 million by 167%; raise taxes on purchases over $1.5 million by 300%, and lower transfer taxes on purchases under $1 million by 20%. Revenue from the new tax would go to help Chicago’s unhoused population.
But Bring Chicago Home is not just about whether you believe the city needs to do more to address homelessness. Nor is it about raising taxes on wealthy homebuyers while giving middle class buyers a break. Bring Chicago Home will have sweeping ramifications that will impact every Chicagoan, whether they are rich or poor, own or rent, and even whether they live in the city or beyond it.
https://blog.atproperties.com/2024/03/11/its-...cago-home/
Higher Rents
Proponents of Bring Chicago Home have been telling voters that the measure won’t have any effect on apartment rents. But a survey by the Neighborhood Building Owners Association and apartment broker Kiser Group found that 74% of landlords would raise rents to offset the higher transaction costs associated with Bring Chicago Home.
VOTE Demo Crap >< 2024 Cerap On Your Life More In 2024 > > L O L
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