A long-debated initiative to increase the transfer taxes on Chicago real estate transfers on transactions over $1 million has stalled — at least for the time being. This initiative, which is often referred to as the “Bring Chicago Home” campaign, seeks to increase the transfer taxes on $1 million transactions by 253%. Chicago’s transfer tax is currently $3.75 per $500. This tax would increase to $13.25 under the new proposal. More than 32,000 properties in Chicago would stand to be impacted by this increased tax.
