Record #: R2022-1409   
Type: Resolution Status: Failed to Pass
Intro date: 12/14/2022 Current Controlling Legislative Body: Committee on Committees and Rules
Final action: 5/24/2023
Title: Submission of public question by referendum to Chicago voters at next regular election proposing increase of City of Chicago real estate transfer tax for purposes of providing resources for affordable housing and services to combat homelessness
Sponsors: Hadden, Maria E. , Villegas, Gilbert, Sigcho-Lopez, Byron, Moore, David H., Martin, Matthew J. , Rodriguez, Michael D., Burnett, Jr., Walter, La Spata, Daniel , Ramirez-Rosa, Carlos, Maldonado, Roberto, Vasquez, Jr., Andre, Lopez, Raymond A., Osterman, Harry, Taylor, Jeanette B.
Topic: CITY COUNCIL - Miscellaneous
Attachments: 1. R2022-1409.pdf


"3**+ CWgi If***-
RESOLUTION

WHEREAS, Pursuant to 65 ILCS 5/8-3-19, home rule municipalities may increase their real estate transfer taxes by means of referendum; and

WHEREAS, The City of Chicago is a home rule municipality under Article VII of the 1970 Illinois Constitution; and

WHEREAS, The "City Portion" of the City of Chicago transfer tax rate is currently 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, The City seeks to increase the "City Portion" of real estate transfer tax by keeping the current rate at three dollars and seventy-five cents ($3.75) for every five hundred dollars ($500.00) of transfer price, or fraction thereof, for transfers up to one million dollars ($1,000,000.00) in transfer price, and increasing the rate to thirteen dollars and twenty-five cents ($13.25) for every five hundred dollars ($500.00) of transfer price, or fraction thereof, for transfers over one million dollars ($1,000,000.00) in transfer price; and

WHEREAS, The increased revenue will be deposited in a Homeless Transfer Tax Fund, to be dedicated to combating homelessness by providing permanent affordable housing and the services necessary to obtain and maintain permanent housing; and

WHEREAS, The City Council of the City of Chicago hereby finds it in the best interest of the City to impose such an increased real estate transfer tax to address the City's significant problem with homelessness; now, therefore,

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

SECTION 1. The foregoing recitals are incorporated herein by reference.

SECTION 2. In accordance with 65 ILCS 5/8-3-19, the City Council of the City of Chicago hereby initiates and authorizes the following referendum question to be submitted to the voters of the entire City of Chicago at the next regular election occurring no less than 79 days after the effective date of this resolution:

Shall the Cit...

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