BOMA/Chicago Opposes Transfer Tax Increase
As part of a coalition of business, real estate, and construction groups, BOMA/Chicago opposes the Bring Chicago Home Transfer Tax proposal.
The proposal would increase transfer taxes by 253%, increasing the City's transfer tax from $5.25 to $14.75 per every $500 of value.
While the commercial office industry recognizes the challenges in providing housing and support for the homeless, we oppose an increase in transfer taxes as a solution, for the following reasons:
- Downtown is already facing significant challenges from slow return to office and record high vacancy
- Transfer tax increase would hinder real estate development, jobs and economic revitalization
- Current real estate transfer taxes are already excessive
- Transfer taxes are an unreliable source of revenue
If you have any questions or would like to discuss this issue, please reach out to Amy Masters, Director of Government and External Affairs, at email@example.com.