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Real Estate Tax

All articles tagged with #real estate tax

politics1 year ago•2 min saved

"Chicago Voters Reject Mansion Tax for Homeless Programs in Illinois Primary"

Chicago voters rejected a proposed increase to the city’s transfer tax on high-value properties, which was intended to fund homeless programs. The referendum, supported by progressives but opposed by the real estate industry, aimed to raise transfer taxes on properties selling for over $1 million. The result has raised questions about the strength of the city’s progressive movement and its leader, Mayor Brandon Johnson, in a city where homelessness has become more visible since the pandemic.

via The New York Times|

#chicago #homelessness #politics

politics1 year ago•0 min saved

"Chicago Voters Reject 'Mansion Tax' for Homeless Services in Illinois Primary"

Chicago voters have rejected a proposed one-time real estate tax on properties over $1 million, intended to fund services for homeless people, in a blow to Mayor Brandon Johnson. The tax aimed to generate $100 million annually for homeless services, but faced opposition from real estate groups who argued it unfairly targeted commercial properties. Despite legal challenges, the Illinois Supreme Court declined to hear an appeal. Similar measures have been approved in other cities, including Los Angeles and Santa Fe, New Mexico.

via The Associated Press|

#brandon-johnson #chicago #homeless-services

politics1 year ago•2 min saved

"Voters Reject 'Bring Chicago Home' Plan in March 19 Primary Elections"

Chicago voters rejected the "Bring Chicago Home" referendum, which aimed to raise the real estate transfer tax on million-dollar properties. The referendum, a cornerstone campaign promise of Mayor Brandon Johnson, faced criticism for lacking a specific plan on how the city would spend the new revenue. The tax hike, if passed, would primarily affect commercial properties and was estimated to generate $100 million annually. However, with 54% voting "no" and concerns about the impact on the real estate market, the referendum was ultimately rejected.

via Illinois Policy|

#chicago #housing #mayor-brandon-johnson

politics1 year ago•6 min saved

"State Appellate Court Upholds 'Bring Chicago Home' Referendum for Real Estate Transfer Tax"

The state Appellate Court ruled in favor of the Bring Chicago Home referendum, overturning a lower court's order and allowing the referendum question to be counted in the upcoming primary. The ruling stated that courts cannot interfere with the legislative process of enacting ordinances and found the complaint from business groups to be premature. The referendum seeks to change the structure of Chicago's real estate transfer tax to provide a dedicated revenue source to address homelessness, and its fate has been in flux due to legal challenges.

via Chicago Tribune|

#chicago #court-ruling #homelessness

politics1 year ago•5 min saved

Legal Battle Over Chicago's 'Bring Chicago Home' Referendum Continues

A Chicago ballot measure proposing a real estate tax increase on high-end property sales to fund homeless services is facing a legal challenge, with a Cook County judge rejecting the measure but it remaining on the ballot as the legal battle continues. The proposed tax overhaul would generate an estimated $100 million annually for homeless services, but real estate groups argue it would unfairly burden commercial real estate. The fate of the measure is high stakes for Mayor Brandon Johnson, who championed the effort, and similar measures in other cities have faced mixed results and legal challenges.

via The Associated Press|

#ballot-measure #chicago #homeless-services

politics1 year ago•5 min saved

Judge Invalidates Chicago's 'Bring Chicago Home' Referendum from Primary Ballot

A Cook County judge has ruled that the referendum question funding homelessness prevention in Chicago via a real estate transfer tax increase on the March primary ballot is invalid, dealing a major blow to Mayor Brandon Johnson's initiative. The ruling represents a win for the real estate industry and development groups that sued to block the measure, arguing it violated state law. The ballot question asked voters to approve both a tax cut and tax hike simultaneously, and the judge's decision means votes on it will not be tallied. Supporters of the referendum are hoping for an appeal, while opponents argue that the city hasn't laid out a clear plan for how the revenue will be spent.

via Chicago Sun-Times|

#chicago #homelessness-prevention #mayor-brandon-johnson