Property Tax Increases Issue Summary

This page is updated regularly with general property tax-related legislation. For more specific issues, such as the Real Estate Transfer Tax, visit our main advocacy issue summaries page.

Issue Updates

Update 12/17/24

On December 16th, City Council approved a budget without a property tax increase.

Despite his campaign pledge not to raise property taxes, Mayor Brandon Johnson proposed a $300 million property tax increase in November. Since his announcement, Illinois REALTORS® advocated against any property tax hikes during Chicago City Council’s budget negotiations. Our position was clear: any property tax increase would exacerbate rising housing costs, endanger neighborhoods and local businesses, and displace vulnerable residents.

During this time, we actively encouraged Chicago REALTORS® to engage with their alderpeople through a Call For Action. Our Government Affairs Directors maintained ongoing communication with City Council members throughout the budget process, providing critical insights on how these increases could impact property owners and our communities. Thank you to everyone who used their voice to take action on this issue.

Update 11/20/24

On Thursday, November 14th in a historic vote, the Chicago City Council voted down Mayor Johnson’s proposed property tax increase of over $300 million. While Thursday’s vote was a significant victory for REALTORS®, our fight against any property tax increase may not be over. The Mayor’s Office is now proposing a reduced property tax increase of $150 million as of yesterday.

REALTORS® were, and continue to be, active opponents to any property tax increase; our work was conducted through our REALTOR® Call for Action, outreach campaign to homeowners via ChicagoPropertyTax.Org and direct lobbying at City Hall. Thank you to those members who have engaged in this important housing affordability issue.

WHAT’S NEXT?

Some of the Mayor’s closest allies in City Council remain opposed to any property tax increase, but conditions and attitudes can change at any moment. Chicago has until December 31st to finalize a budget. REALTORS® will be active participants in budget discussions, offering alternative revenue options in lieu of a property tax increase. 

HOW TO TAKE ACTION

  • Keep an eye out for additional updates or potential Calls For Action. We need your voice on our industry’s efforts at City Council.
  • Visit ChicagoPropertyTax.Org to learn more and make sure to share the link with your personal and professional networks.

Update 11/8/2024

Illinois REALTORS® is mobilizing members to take action on the Mayor’s proposed property tax increase through a Call for Action. Over the past decade, property taxes have almost doubled, which impacts the price of homes, threatens our community amenities and increase the displacement of vulnerable residents.

Urge your Alderperson to vote against this proposed property tax increase here.

Update 11/4/2024

Mayor Johnson Proposes a 3% Increase in Property Taxes: In late October 2024, Mayor Brandon Johnson announced his proposed FY2025 Budget for the City of Chicago, which includes a 3% ($300 million) property tax increase. Not raising property taxes was an explicit pillar of Brandon Johnson’s campaign. He made a “clear commitment not to raise property taxes” in his interview with Illinois REALTORS® ahead of the 2023 runoff election (2:00 mark).

Between now and the end of the year (2024), Chicago City Council must vote on a budget that either includes the property tax increase proposed by the mayor or find $300 million in revenue elsewhere.

We will execute a vigorous advocacy campaign to fight the 3% increase. Be on the lookout for future communications on how to get involved, and text “REALTOR” to 30644 to receive REALTOR® Party Mobile Alerts directly to your phone. 

REALTOR® Stance

REALTORS® oppose further property tax increases, as the rising costs of property ownership in Chicago can add challenges for many residents. Data shows that significant property tax increases over the past decade have influenced migration trends and impacted community stability.

We believe in housing affordability, economic security and access to homeownership; no matter the fiscal situation of the city, alternative financial solutions should be explored instead of property tax increases.

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Legislative History

This list features the most recent property tax increase legislative updates at the top.