Voters in Chicago appear to have rejected a proposed real estate transfer tax.

With 98 percent of the precincts reporting, 54 percent of Chicago voters voted “no” on the “Bring Chicago Home” referendum, which proposed changing real estate transfer taxes from a flat rate to a graduated rate. The Chicago Board of Elections has reported that 110,000 vote-by-mail ballots have yet to be received.

Jeff Baker, Illinois REALTORS® CEO, said: “Votes are still being counted, but whatever the result, this is not a time for celebrations. Everyone in Chicago deserves housing stability – this is what the 17,000 REALTORS® throughout the city advocate and work for every day.

“For our most vulnerable, our city needs a comprehensive strategy for funding and delivering the wrap around services that are desperately needed right now. The vote on this referendum echoes the resounding sentiment we hear from Chicago’s homeowners, housing providers and small businesses, that we cannot continue to rely on real estate taxes to fund poorly conceived programs.

“It’s time to come together and find real solutions that provide real housing stability to everyone in our city.”