Chicago’s Proposed Mansion Tax Faces Troubled Real Estate Market
October 31, 2023 by The article discusses a proposal by the Chicago City Council to raise taxes on property sales over $1 million to fund affordable housing and homelessness services. The measure, which could generate over $100 million annually, has faced opposition from property owners who fear it will worsen the local real estate crisis. The proposal includes increasing the real estate transfer tax for high-value properties while decreasing it for properties under $1 million. Despite potential benefits, the tax won’t take effect until 2026, and the city’s homelessness crisis continues to grow.