With a large property tax hike looming over Chicago residents, there's been a lot of discussion and debate on whether such increases will truly get the city's finances in order and what effect a $500 million increase will have on regular homeowners. Over the weekend, the Tribune published a thorough investigation into the city's financial crisis and compared today's situation to the last days of Mayor Richard M. Daley's administration. While the city's revenue is up considerably, borrowing is still high enough to cause rating agencies to become weary of Chicago's debt burden. According to reports, a $500 million property tax hike would mean that homeowners whose property is valued at $250,000 would be paying an addition $500 per year. So, would a big property tax hike change your attitude towards buying in Chicago? Be sure to let us know why or why not.
·Here Comes That Big Property Tax Hike You Were Probably Expecting [Curbed Chicago]
·Road to record Emanuel tax hike paved by delays, 'gimmicks' [Tribune]
·Emanuel to seek $500 million property tax hike [Sun-Times]