In addition to the politicians and judges on the Illinois ballot, Nov. 5 offered the chance for Illinoisans to weigh in on three advisory referenda. Each one is non-binding, meaning they are for legislators to gauge public opinion but do not enact any changes to law.

One of these, the so-called “millionaire tax” advisory, affects real estate directly.

The measure is officially titled The Property Tax Relief and Fairness Referendum, and it calls for establishing an extra 3% tax on income exceeding $1 million. These additional funds would then be used to offset general property taxes.

All Illinoisans, particularly agents, are well aware the state has some of the highest property tax rates in the nation. (The second highest, after New Jersey, according to Rocket Mortgage.) Increasing taxes on millionaires, though, could generate between $200 and $500 million annually.

Essentially, this is a rehash of the Fair Tax referendum which appeared on the ballot in 2020 and was rejected by voters.

Voters supported the Property Tax Relief and Fairness Referendum, with 60.2% in favor.

The other two referenda, which covered election worker protections and assisted reproductive health, received voter support by even larger margins: 72% and 89% “yes,” respectively.