Mayor Brandon Johnson is reintroducing a resolution called 'Bring Chicago Home,' which he says is aimed at combating homelessness.
is reintroducing a resolution called "Bring Chicago Home," which he says is aimed at combating homelessness.
If it passes, the resolution would lead to a ballot referendum, allowing voters to decide whether to restructure the real estate transfer tax, a one-time tax paid when real estate changes ownership. The restructuring would establish three tiers: a lower tax rate for properties sold for less than a million dollars, a two percent rate for properties above a million dollars, and a three percent rate for real estate transactions exceeding one and a half million dollars.
The funds generated from this tax adjustment would be allocated by the mayor's office to support comprehensive solutions for ending homelessness.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mayor Brandon Johnson outlines $538 million shortfallDeficit follows mayor's decision to not tie property tax levy to inflation and the fiscal impact of the city's migrant crisis.
Read more »
Mayor Brandon Johnson explores Chicago-owned grocery storeJohnson announced a partnership with the Economic Security Project to explore the idea but the city did not provide a timeline.
Read more »
Chicago Mayor Brandon Johnson allies introduce real estate transfer tax planThe latest “Bring Chicago Home” measure, still facing opposition, offers a tiered tax rate system designed to hit the most expensive properties hardest.
Read more »
Editorial: Brandon Johnson’s formidable budget holeChicago Mayor Brandon Johnson is staring at a huge budget hole over the next three years. Time to trim the sails at City Hall.
Read more »
Johnson & Johnson is getting rid of its script logo after more than 130 yearsJohnson & Johnson is signing off on a new logo, more than 130 years after creating the old one.
Read more »