Posted on 03/24/2024 9:55:23 AM PDT by Oldeconomybuyer
CHICAGO -- Chicago voters have rejected a one-time real estate tax on properties over $1 million to pay for services for homeless people.
It’s a loss for first-term Chicago Mayor Brandon Johnson, who championed the so-called “mansion tax.”
The proposal would have incrementally raised the city’s real estate transfer tax on properties valued at more than $1 million. Supporters estimated it would have generated $100 million annually for homeless services, including for mental health care. There are roughly 68,000 homeless people in Chicago on any given night.
The measure also pitched lowering the transfer tax on properties under $1 million, which represents the vast majority of home sales in the nation’s third-largest city.
(Excerpt) Read more at abcnews.go.com ...
Voters in cities including Los Angeles and Santa Fe, New Mexico, have approved similar measures.
I wonder what MJ would have had to pay on his mansion.
Wait until Chicago goes ahead and does it anyway, with the help of the courts to bypass the will of the people.
Sure, because with Biden inflation most houses will soon be over a $1 million.
Wait till they try this in CA.
A 800sqft shack costs +1M.
CA has run out of “other people money” and is now in serious trouble
“I see you have some money there. Give it to me.”
a $1 million condo or home in Chicago is probably 75% of the homes inside the Loop and along North Shore / Lincoln Park
Its interesting to see Yuppie Democrats vote their own pocketbooks
Homeowners in Chicago pay outrageous annual real estate taxes (2nd or 3rd highest in the nation) and upon the sale of the home both buyer and seller pay transfer taxes of a combined $5.50 per $500 of value upon title transfer, (on a $300k sale, equates to $3,300) the highest in the nation. Theft by taxation continues unabated in the workers paradise of Chicago.
“...so what happened to chicago?”
Rest assured they didn’t vote against it because it was the right thing to do..Chicago democrat voters NEVER do that. It was for some other less noble self-aggrandizing reason.
Boy. Talking about seeing a maxim come home to roost so comfortably, eh?
Homeowners in Chicago pay outrageous annual real estate taxes
Non-home owners (renters) pay the increased real estate taxes passed through by the landlord via rent. Rising taxes, especially outrageous ones, hurts everyone. Except maybe the politically connected, whose property taxes are often less than others in their neighborhood, or the homeless, which there’s 60,000 of them in Chicago, give or take.
They did it in California but the threshold is higher, starting at 4% on $5+ million properties and 5.5% on $10+ property. This also includes apartment complexes, so it drives up rents. Our politicians are stuck on stupid.
It is up for repeal in November but Newom and the SoS are pulling out all the stops to get that off the ballot. The measure in November will repeal it, retroactively, and require any future special purpose taxes require 2/3 vote to pass.
Fair share program is snowballing until everyone is broke it’s the socialism program in action.
Prop 1 passed by the narrowest of margins in California recently with 50.2% yes and 49.8% no.
- and unfortunately - giving idiot Gavin Newsom 10 billion tax dollars that you can be sure will be squandered (just as billions have been squandered for the “high speed rail” - 16 years and billions of dollars and not one inch of track has been laid down....).
Give mass vote fraud in California, I assume the prop failed and fraud made up the difference.
“Homeowners in Chicago pay outrageous annual real estate taxes (2nd or 3rd highest in the nation) and upon the sale of the home both buyer and seller pay transfer taxes of a combined $5.50 per $500 of value upon title transfer, (on a $300k sale, equates to $3,300) the highest in the nation. Theft by taxation continues unabated in the workers paradise of Chicago.”
You forgot to mention sales tax, gas tax, cable tax….also all among the highest in the country. Would not consider moving back to ILL under any circumstances.
If Chicago voters would vote for Deep State’s agenda, why does Deep State have to steal their elections...?
I think the tax is assessed whenever a property is sold, not annually.
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