The National Association of Realtors (NAR) is taking credit for last week’s rejection by Chicago voters of a ballot referendum that would have changed the city’s real estate transfer tax structure.
Chicago voters rejected the referendum 54% to 46% ratio. In a website posting titled “Chicago Voters Reject Transfer Tax After NAR Advocacy Blitz,” the organization claimed that “an uphill fight led by the Illinois Realtors and supported by the National Association of Realtors” defeated the so-called “mansion tax” proposal that would have increased the real estate transfer tax on residential and commercial properties sold for $1 million and higher.
NAR, which is headquartered in Chicago, stated that a “massive effort” ultimately helped to “educate voters on how the proposal would harm those it was purported to help.” That “massive effort” included $850,000 in NAR Issues Mobilization Grants.
“This outcome demonstrates how crucial it is to communicate directly with consumers about the real-life impacts of proposed policies,” said NAR Chief Advocacy Officer Shannon McGahn. “And there’s no one better to do that than realtors, who have the pulse on the needs of their communities.”
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