Chicago Public Schools Budget: Property Taxes Hiked To The Max

“Property tax hikes.” Something Chicagoans better get used to hearing in the coming years. Hal Dardick, Heather Gillers, and Juan Perez, Jr., reported on the Chicago Tribune website last night:

Chicago Public Schools unveiled a budget Monday meant to pressure Gov. Bruce Rauner and state lawmakers into providing nearly a half-billion dollars in pension relief, a gambit school officials warn will bring painful cuts if help doesn’t arrive by Jan. 1.

In addition to help from the state, the $5.7 billion operating budget relies on extensive borrowing, an influx of tens of millions in dollars in surpluses from special city taxing districts and an increase of the district’s property tax

To help patch over a budget gap the district said exceeds $1.1 billion, CPS will raise its property taxes to the maximum amount allowable — resulting in a $19 tax bill bump for the owner of a $250,000 home, the district said — while pushing $200 million in debt into the future…

(Editor’s note: Bold added for emphasis)

$19 here, a few bucks there, and pretty soon all these “bumps” start to add up, leading to mass frustration among Chicago taxpayers. And’s this particular increase isn’t a one-off either. From the Tribune piece:

And if Springfield does comes through — which is far from a sure thing — [Chicago schools chief Forrest] Claypool said the district would still need concessions from unions and larger tax hikes in years to come to keep up with the cost of ballooning pension payments…

(Editor’s note: Bold added for emphasis)

Like I said, “mass frustration.”

At what point does it all boil over?

Chicago taxpayers should probably read this article in its entirety to get a clearer picture of what looks to be in store for their pocketbooks in the near future and farther down the road. You can find the piece on the Tribune website here.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Share

Tags: , , , , , , , , , , , , , ,

No comments yet.

Leave a comment

Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

Happy New Year

PLEASE RATE this blog HERE,
and PLEASE VOTE for the blog below:



Thank you very, very much!
Advertising Disclosure here.
ANY CHARACTER HERE
Emergency Foods Local vendor (Forest Park, IL). Review coming soon.
ANY CHARACTER HERE
Legacy Food Storage Review coming soon
ANY CHARACTER HERE
MyPatriotSupply.com reviewed HERE
ANY CHARACTER HERE
Buy Gold And Silver Coins BGASC reviewed HERE
ANY CHARACTER HERE
BulletSafe reviewed HERE
ANY CHARACTER HERE
BullionVault BullionVault.com reviewed HERE
ANY CHARACTER HERE
This project dedicated to St. Jude
Patron Saint of Desperate Situations

Categories

 

Archives