Chicago’s planned tax levy of $18 million? Now it’s $65 million in budget plan

Chicago Mayor Lori Lightfoot appears to have shelved a graduated real estate transfer tax — for now — in favor of increasing the tax levy by $65 million.

Originally, the levy was to increase by $18 million, and that amount was earmarked to keep libraries in the city open on Sunday.

As reported in the Sun-Times, Lightfoot was in Springfield on Tuesday to meet with lawmakers to garner support and build relationships.

As for the transfer tax:

“… Lightfoot was counting on the tax to generate just $50 million in 2020. That’s because she was conservatively assuming it would pass by the simple-majority needed for a July 1 effective date — not the super-majority needed to begin collecting the graduated tax on Jan. 1.

By |2019-11-13T15:02:52+00:00November 13th, 2019|News, Transfer taxes|Comments Off on Chicago’s planned tax levy of $18 million? Now it’s $65 million in budget plan

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