The Appellate Court of Illinois has overturned a ruling last month by a Cook County judge who invalidated a March 19 city referendum on Chicago Mayor Brandon Johnson's proposal to adjust Chicago's property transfer tax.
The ballot question will let voters decide whether to approve Johnson's plan, which proposes to raise one-time real estate transfer taxes on transactions above $1M while decreasing the transfer tax on property trades below $1M.
Under Johnson's plan, the tax for transactions of more than $1M will be graduated, with properties between $1M and $1.5M incurring a tax increase of $10 per every $500, and properties valued at more than $1.5M facing charges of $15 for every $500.
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