Share to Facebook Share to Twitter Bookmark and Share
Record #: R2018-1148   
Type: Resolution Status: Failed to Pass
Intro date: 10/31/2018 Current Controlling Legislative Body: Committee on Committees, Rules and Ethics
Final action:
Title: Submission of public question by referendum to Chicago voters at February 26, 2019 election proposing to increase City of Chicago real estate transfer tax for benefit of Firemen's Annuity and Benefit Fund of Chicago and Policemen's Annuity and Benefit Fund of Chicago
Sponsors: O'Shea, Matthew J.
Topic: CITY COUNCIL - Miscellaneous
Attachments: 1. R2018-1148.pdf
Related files: R2019-362
RESOLUTION
WHEREAS, The City of Chicago is a home rule unit of government as defined in Article VII, ยง6(a) of the Illinois Constitution, and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the "City Portion" of the City of Chicago current transfer tax rate is three dollars and seventy-five cents ($3.75) for every five hundred dollars ($500.00) of transfer price, or fraction thereof, per transaction; and
WHEREAS, Pursuant to the Illinois Election Code, 10 ILCS 5/28-1, et seq., and the Illinois Municipal Code, 65 ILCS 5/1-1-8, the corporate authorities of a municipality have the authority to submit a public question to the electors of the municipality by means of a referendum; and
WHEREAS, Section 8-3-19 of the Illinois Municipal Code states that a home rule municipality may increase a tax or other fee on the privilege of transferring title to real estate or on the privilege of transferring a beneficial interest in real property (a.k.a. "real estate transfer tax"), subject to referendum approval by the municipality's voters; and
WHEREAS, The City Council hereby intends to submit to referendum the question of increasing the City of Chicago's real estate transfer tax for the purpose of depositing the proceeds of such tax in a fund established solely for the benefit of the Firemen's Annuity and Benefit Fund of Chicago and the Policemen's Annuity and Benefit Fund of Chicago; and
WHEREAS, The City Council believes it is in the best interest of the residents of Chicago to move expeditiously to submit this proposition to the voters at the next regular election to be held on February 26, 2019; now, therefore,

BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

SECTION 1. The recitals above are expressly incorporated herein and made part hereof as though fully set forth herein.

SECTION 2. The City of Chicago does hereby initiate and authorize the following public question to be submitted to the voters o...

Click here for full text