The NBOA opposes the proposed “Bring Chicago Home” tax increase.
This measure will increase the tax on property transactions from 0.75% to a new tiered system, with a 2% tax on the amount of a sale greater than $1 million, and a 3% tax on the amount of a sale greater than $1.5 million.
The NBOA has looked at dozens of apartment buildings across the city and found that the small and mid-sized buildings which neighborhood housing providers own and manage are likely to face the choice of losing value if they sell their building or raising taxes—often as much as $100 a month—to recoup that tax penalty.
Learn more about the proposed ordinance, and its impact on Chicago’s struggling downtown, rents, property taxes, and the health of Chicago’s economy: read our white paper on the subject, and register to join us for a Zoom call with top experts (Tuesday September 26, 2023 at noon).