The city's budget crisis isn't going away anytime soon, but in order to help fill the hole, Mayor Emanuel has proposed what is being widely reported as "the biggest property tax hike in recent Chicago history." The mayor is looking to raise $500 million through the hike, which will squeeze an additional $500 annually from homeowners whose property is worth $250,000. In addition, the mayor wants to start charging for garbage collection separately, which will come to somewhere around $10 to $12 per household per month.
Alderman Patrick O'Connor tells the Tribune that the plan would provide $450 million for police and fire department pensions while $50 million would be used for a Chicago Public Schools construction program. While the mayor attacked his opponent Jesus "Chuy" Garcia for voting for a big property tax hike during the Harold Washington years, the one that Rahm is currently proposing would be over triple the amount when adjusting for inflation. Weary homeowners may have suspected that the city would raise property taxes to help provide some relief from the pension crisis, and it appears that some sort of tax hike is on the horizon.
·Emanuel to seek $500 million property tax hike [Sun-Times]
·Emanuel set to call for largest property tax hike in modern Chicago history [Tribune]