Voters during the March 19, 2024, Primary Election will be asked to vote on a Chicago real estate transfer tax. According to the language of the referendum, the ballot question would prompt voters to decide whether the city should move from the current flat tax model on real estate transfers to a graduated tax, which would impact all transactions of $1 million or more. This ballot initiative would create a graduated real estate transfer tax, which is paid by buyers who purchase commercial buildings or homes. If passed, the ballot initiative would do the following:

• Reduce the transfer tax for property sales under $1 million to 0.6%.
• Increase the transfer tax to 2.0% on the portion of property sales between $1 million to $1.5 million.
• Increases the transfer tax to 3.0% on the portion of property sales over 1.5 million, while maintaining the rates above.

For more information on how this might impact your business or property, the Small Business Advocacy Council (SBAC) has created a one-pager with additional information.

Click here to watch a recent forum hosted by the Small Business Advocacy Council (SBAC) on Thursday, March 7 from 1:00 – 2:00 p.m. regarding this ballot initiative.