What Chicago can learn from other cities as it considers 'mansion tax'

CHICAGO (WLS) -- Next year, Chicago voters may decide the fate of the "Bring Chicago Home" ordinance, a so-called "mansion tax," supported by Mayor Brandon Johnson.

The legislation would raise revenues for high-end real estate sales for the city to spend on homelessness and rehousing efforts. Evanston has already turned to the tax to pad their budgets.

Proponents predict the tax could generate more than $160 million dollars in annual revenue. The Chicago City Council still must approve the ballot measure before it reaches voters, and the language and specific tax rates they propose may change. But as currently written, Bring Chicago Home would charge a 2.65% tax on all property sales of more than $1 million.

Illinois Answers Project looked at other cities with mansion taxes, and how Chicago might follow suit. You can read the full article here.