Chicago Voters to Vote on Changing Chicago Transfer Stamp Costs

Chicago has had a transfer stamp in place for quite some time. It used to be a buyer transfer stamp in the amount of $7.50/1000 of the purchase price, and then, a number of years ago, they added a $3.00/1000 stamp to the Sellers to help fund the CTA.

Now, Chicago voters are going to be able to vote to change the structure of this transfer stamp. In March, there will be a vote to go to a “tiered” stamp. If approved, the transfer tax would increase from 0.75% to 2% on Chicago properties sold for $1 million to $1.5 million. The tax would increase to 3% on properties sold for more than $1.5 million. For properties that sell for less than $1 million, the tax would drop to 0.6%. 

Mayor Brandon Johnson has made the transfer tax a priority and said it would generate about $100 million each year to combat homelessness. Obviously there has to be more transparency on exactly how these funds will be spent and that is yet to come.