In any tax restructuring, some taxpayers may benefit and some may not. That fact does not make the real estate transfer tax ballot measure illegal.
Supporters of the Bring Chicago Home referendum hold signs and clap during a news conference on March 1, 2024, outside the Appellate Court in Chicago. The news conference was called as attorneys representing the supporters of the referendum filed an amicus brief to ensure that the referendum question is on the March 19 primary ballot.
Opponents of the measure want to make Bring Chicago Home sound both confusing and nefarious. The now-dismissed lawsuit brought by the Building Owners and Management Association and other real estate interestsbecause the measure would not only increase the tax rate on some properties but also would reduce the tax rate on the first $1 million of any real estate sale.
Because all of these and many other provisions were part of the legislature’s effort to do a big and complicated thing — raise money for capital projects — the Illinois Supreme Court upheld the law. Supporters of the measure estimate that this restructured tax would raise at least an additional $100 million of revenue annually, beyond what the current flat tax brings in, and the ballot measure provides that this additional revenue “is to be used for the purpose of addressing homelessness, including providing permanent affordable housing and the services necessary to obtain and maintain permanent housing in the City of Chicago.
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