At the bottom of their March 19 primary ballots, Chicago primary voters will see a referendum for which their votes will count—but nearly didn’t.
Ballot Question 1, also known as “Bring Chicago Home,” would cut the tax rate for real estate transactions of less than $1 million by 20 percent, to $3 from $3.75 per $500. But it would raise the transfer tax for the value of transactions greater than $1 million in a graduated way.
Specifically, the price for the portion of transactions between $1 million and $1.5 million would increase by 166.67 percent to $10 per $500. The price for any portion above $1.5 million would rise by 300 percent. That’s an increase to $15 from $3.75 per $500.
Original News Source Link – Epoch Times
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