Much has been made in the news recently about the proposed “Mansion Tax” referendum that will be on the primary ballot for Chicago voters in March of 2024. But for the average person to understand what this proposed tax actually is, it is important to understand how Chicago properties are currently taxed. First of all, the proposed “Mansion Tax” does not refer to real estate taxes or income taxes. The “Mansion Tax” is all about transfer taxes. Unlike income tax, which is due every year, or real estate taxes, which are due twice a year, we don’t hear a lot about transfer taxes in the news. Why is that? It’s because transfer taxes are only due when real estate is bought or sold. If you bought your house 10 years ago, you paid the tax then. You won’t be paying anything again until you sell. Unless the property is exempt… read more →
The rise of e-commerce precipitated the decline of storefront small businesses, particularly retail businesses. Add the Covid-19 pandemic to the mix in 2020, and many other small businesses and restaurants closed as well. These closures affected the entire city, from the humblest streets all the way to the Magnificent Mile. As a result, the City of Chicago has a large number of vacant storefronts. Earlier this month, however, the city’s Department of Business Affairs and Consumer Protection announced a plan to combat this. As part of this Small Business Storefront Activation Program, the city is giving 15 community groups approximately $3 million in funds to support small businesses. Each community organization may identify vacant storefronts in their respective communities and then attempt to bring in small businesses. The idea is to fund retail areas and help bring in pop-up shops, indoor farmer’s markets, art galleries, and other new retail sites.… read more →