Illinois voters showed support for the idea of a “millionaire’s tax” that would require those with high incomes to contribute to a property-tax relief fund.
The advisory ballot measure is nonbinding but offered a glimpse into voter preferences and could shape legislative efforts, the Chicago Tribune reported. Two similar measures also received approval: expanding in vitro fertilization insurance coverage, and increasing protections for election workers.
The ballot measure asked if voters would support a 3 percent surcharge on incomes exceeding $1 million annually. Sixty percent of voters answered “yes.” Former Illinois Gov. Pat Quinn, who led the charge for the initiative, said such a tax would be “the largest property tax relief measure in state history,” and could generate enough revenue to ease the property tax burden on homeowners throughout the state.
The Illinois Department of Revenue has estimated that a 3 percent income tax surcharge on earnings over $1 million could generate as much as $4.5 billion annually in tax revenue.
“We have a clear, simple and targeted message, and the overwhelming support we’ve seen today shows that Illinois residents want this type of change,” Quinn said.
The IVF question won 72 percent of voters, and the question about protecting election workers won 89 percent approval.
In other real estate-related election news, Larry Rogers Jr. won 81 percent of the vote for Cook County Board of Review. Rogers has been critical of Cook County Assessor Fritz Kaegi and had the support of the real estate industry.
The bulk of real estate industry donations to Rogers’ campaign came from property tax attorneys and appraisers, but a few Chicago-area brokers also chipped in as well as Sterling Bay’s Andy Gloor and Keating Crown, who donated $1,500 each, according to Illinois State Board of Elections data.
— Andrew Terrell
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