Chicago has no mansion tax. The March 2024 Bring Chicago Home referendum, which would have raised the transfer tax tier on sales over $1 million, was rejected by voters. The flat Real Property Transfer Tax under MCC 3-33 still applies citywide.
MCC 3-33 imposes Chicago's Real Property Transfer Tax at $3.75 per $500 of consideration on the buyer, plus a $1.50 per $500 supplemental tax dedicated to the CTA paid by the seller, for a combined $5.25 per $500. Cook County adds $0.25 per $500 and Illinois adds $0.50 per $500 under 35 ILCS 200/31. Mayor Brandon Johnson's 2024 Bring Chicago Home referendum proposed graduated rates of 2 percent on sales over $1 million and 3 percent over $1.5 million to fund homelessness services, but voters defeated it. Exemptions include transfers to government, nonprofits, and certain family transfers under MCC 3-33-060.
Failing to pay the Real Property Transfer Tax blocks deed recording at the Cook County Recorder, triggers penalties of 5 percent of tax due plus 12 percent annual interest, and personal liability under MCC 3-33-100.
Chicago, IL
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See how Chicago's mansion tax (measure ula) rules stack up against other locations.
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