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Mayor Emanuel's Budget May Lower Property Taxes for 290,000 Chicago Homeowners

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With a historic property tax hike looming over Chicago, many city residents are bracing for the worst. However, new reports are suggesting that Mayor Rahm Emanuel's $544 million property tax hike may actually provide relief for some homeowners. The new budget may actually lower the property tax burden on up to 290,000 Chicago homeowners according to Greg Hinz of Crain's. The mayor's plan to hike property taxes will exclude homeowners whose property is valued below $250,000, as many of these property owners can expect to see an annual reduction of $65. It's a surprise move, and will be welcomed to the homeowners who fall in the protected range, but some suggest that the mayor's plan is still not enough to address the pension crisis. For those looking to figure out exactly how much their taxes will increase over the next four years, the Tribune has a new property tax calculator that shows just how much individual Chicagoans will be forking over in the coming years.
·The surprise ingredient in Emanuel's giant tax hike: A tax cut [Crain's]
·Chicago property tax hike: What would it cost you?· [Tribune]
·Poll: Would a $500M Property Tax Hike Affect Your Decision to Buy in Chicago? [Curbed Chicago]