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 →
