Very interesting update on the status of the proposed Chicago transfer tax increase and a reminder that the Mayor and City Council alone cannot modify the current system.
Because the City Council cannot by itself modify the City’s transfer tax system, it must either seek to have the state legislature change the rules at that level or seek approval by a majority of Chicago’s voters in a referendum. At this time, the next City election at which a referendum can be considered will be in March 2024.
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