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The battle over the Bring Chicago Home real estate transfer tax referendum continues to heat up, with opponents filing an appeal to the Illinois Supreme Court. The referendum, which seeks to increase transfer taxes on real estate valued over $1 million in order to raise funds for addressing homelessness, has been at the center of a legal dispute ever since Cook County Judge Kathleen Burke invalidated it in late February. However, a recent decision by a state appellate court overturned the ruling, allowing the referendum to proceed to a vote after the March 19 primary.
The legal back-and-forth has sparked intense debate between proponents and opponents of the referendum. Building Owners and Managers Association of Chicago (BOMA Chicago) has been leading the charge against the referendum, arguing that it unfairly combines three separate policies into one question and is misleading to voters. On the other side, the Bring Chicago Home coalition, which supports the referendum, has accused developers of trying to derail the democratic process and silence voters on an important issue.
As the Illinois Supreme Court prepares to make a decision on the appeal, the future of the referendum hangs in the balance. If voters approve the referendum, the Chicago City Council will have the power to change the city’s current flat tax rate on property sales, with different rates applying to properties based on their value. This could have far-reaching implications for the real estate market in Chicago and the city’s efforts to combat homelessness.
While the legal battle plays out in the courts, it’s important to understand the key issues at stake in the Bring Chicago Home referendum. Here are some frequently asked questions about the referendum and its potential impact on real estate in Chicago:
1. What is the Bring Chicago Home real estate transfer tax referendum?
The Bring Chicago Home referendum is a proposed measure that seeks to increase transfer taxes on real estate transactions valued over $1 million in order to raise funds for addressing homelessness in Chicago. The referendum includes a tax cut and two tax raises for real estate transfers of varying values.
2. Why are opponents of the referendum appealing to the Illinois Supreme Court?
Opponents of the referendum, such as the Building Owners and Managers Association of Chicago, are appealing to the Illinois Supreme Court on the grounds that the referendum combines three separate policies into one question and is misleading to voters. They argue that this goes against legal standards for ballot measures.
3. What are the potential implications of the referendum on the real estate market in Chicago?
If the referendum is approved by voters, the Chicago City Council will have the authority to change the city’s current flat tax rate on property sales. Different rates will apply to properties based on their value, with higher-value properties facing higher transfer taxes. This could impact the affordability of real estate transactions in Chicago and potentially affect property values.
4. How are supporters of the referendum responding to the legal challenges?
Supporters of the referendum, including the Bring Chicago Home coalition, have criticized opponents for attempting to block the democratic process and silence voters on an important issue. They argue that the referendum is a necessary step in addressing the housing crisis in Chicago and that developers should contribute to efforts to combat homelessness.
As the Illinois Supreme Court considers the appeal and the referendum moves closer to a vote, the fate of the Bring Chicago Home real estate transfer tax referendum hangs in the balance. The outcome of this legal battle could have significant implications for the real estate market in Chicago and the city’s efforts to address homelessness. Stay tuned for updates on this developing story.
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