Taxation

After Property Tax Increase Eliminated, Mayor’s Budget Passes City Council City Council passed the Mayor’s revised $17.1B budget on Monday, December 16. The budget excluded the originally proposed $300 million property tax increase. After City Council unanimously rejected the initial proposal, the Mayor scaled back the tax hike, presenting additional budgets that included a $150M…

Vote NO on Mayor Johnson’s Transfer Tax Hike Referendum on March 19 Election Mayor Johnson’s Transfer Tax Hike will hurt our entire City.  In the post-Covid era, with workers opting to stay home, high interest rates, and marked increases in labor and material costs, Chicago’s downtown faces momentous challenges, including record high vacancy rates and…

BOMA/Chicago Prevails in Lawsuit Opposing Transfer Tax Referendum Today, BOMA/Chicago and a coalition of associations and companies prevailed in a lawsuit against a manipulative attempt to dramatically increase real estate transfer taxes in Chicago. The Cook County Court ruled in favor of the plaintiffs who argued that the Transfer Tax Referendum question originally placed on the March 19, 2024, Primary…

Vote NO on the Transfer Tax Increase Referendum Though BOMA/Chicago prevailed in Circuit Court on Friday – with the judge ruling that the Transfer Tax Increase Referendum should be invalidated and votes not tallied – the decision is being appealed by both the City of Chicago and the Chicago Board of Elections. As we await…

BOMA/Chicago Files Lawsuit Opposing Transfer Tax Referendum BOMA/Chicago filed a lawsuit against the Chicago Board of Election Commissioners. The suit seeks an injunction prohibiting the Commissioners from certifying and placing the proposed Transfer Tax Referendum question on the March 19, 2024, Primary Election ballot. BOMA/Chicago, along with a broad cross-section of associations and companies representing contractors,…

BOMA/Chicago Opposes Transfer Tax Increase  As part of a coalition of business, real estate, and construction groups, BOMA/Chicago opposes the Bring Chicago Home Transfer Tax proposal. The proposal would increase transfer taxes by 253%, increasing the City’s transfer tax from $5.25 to $14.75 per every $500 of value. While the commercial office industry recognizes the…

BOMA/Chicago Opposes Transfer Tax Increase  As part of a coalition of business, real estate, and construction groups, BOMA/Chicago opposes the Bring Chicago Home Transfer Tax proposal. The proposal would increase transfer taxes by 253%, increasing the City’s transfer tax from $5.25 to $14.75 per every $500 of value. While the commercial office industry recognizes the…