Chicago Council Approves Putting Mansion Tax Measure on Ballot

Chicago’s City Council on Tuesday voted to put a proposal on the March 2024 ballot that would raise taxes on property sales over $1 million, making the third-largest US city the latest to turn to higher-end real estate deals to reduce homelessness.

Aldermen voted 32 to 17 to put the proposal on the ballot in the upcoming election. The council’s decision marks a major victory for Mayor Brandon Johnson who took office in May and campaigned on the matter.

The measure gives Chicagoans a say in determining if the real estate transfer tax should increase for more expensive properties. Proponents ...