Chicago voters will be asked to decide whether to allow the City Council to assess new property tax transfer levies as part of an effort to combat homelessness.
The City Council voted on the “Bring Chicago Home” referendum on Tuesday, passing it by a 32-17 margin.
The decision will place the decision on the bill’s ultimate fate before Chicago voters in the upcoming primary, which will take place on March 19.
According to supporters of the bill, it would implement a new tiered tax rate on all property transfers, with additional funds being raised to help combat homelessness in the city of Chicago.
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The transfer tax would be reduced on the first $1 million of property value on eligible transfers, but would then increase on property valued at more than $1.5 million, then again for property valued at $2 million or more.
If approved by voters, the new tax rates would go into effect in Jan. 2025, according to officials.
The approval of the referendum was one of Mayor Brandon Johnson’s promises when he was elected to office earlier this year. The legislation marks a victory for the mayor, who is facing withering criticism on multiple fronts, including on his approach to increasing numbers of migrants who are arriving in Chicago.
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More than 20,000 have arrived in the city, and as winter approaches, the debate over how to house them continues to rage at various levels of city government.
