I’ve been thinking about the Bring Chicago Home tax proposal lately. It got me wondering about our city’s existing real estate transfer tax. Does anyone know where that money goes right now? I’m curious if any of it is already being used to help with the homelessness problem in Chicago.
It seems like the people pushing for the new tax increase aren’t really talking about how the current tax money is spent. I’d love to know more about this before forming an opinion on the new proposal.
Has anyone looked into this or have any info to share? It would be great to understand how our city is using the money we’re already collecting from property sales.
From my understanding, Chicago’s current real estate transfer tax primarily goes into the city’s general fund. It’s not specifically allocated for homelessness programs, which is likely why there’s a push for the Bring Chicago Home proposal.
The general fund covers a wide range of city services and operations, but it’s hard to pinpoint exactly how much, if any, indirectly supports homelessness initiatives. The lack of transparency on this is frustrating for many residents.
I’ve looked into city budget reports, and while they provide some insight into overall spending, they don’t break down how transfer tax revenue is specifically used. It might be worth contacting your alderman for more detailed information on current allocations and how they might change with the new proposal.
Interesting question! I’ve been curious about this too. Have you tried reaching out to any local housing advocacy groups? They might have some insider knowledge on how the current transfer tax is being used. I wonder if there’s a way to track where that money actually goes once it hits the general fund. Anyone know if the city publishes detailed budget breakdowns?
hey there, i’ve been wondering about this too. from what i’ve heard, the current transfer tax mostly goes into the city’s general fund. it’s not specifically earmarked for homelessness programs. that’s probably why the bring chicago home folks are pushing for a dedicated funding stream. but yeah, it’d be great to get more transparency on how that money’s being used now.