Chicago Property Taxes Hiked As School Budget Passed

There are so many new and increased fees, fines, and taxes being proposed and implemented around the Chicagoland area these days, it’s hard to keep track of all of them. But here’s one Chicago tax hike that’s just been approved that’s making local headlines. Juan Perez, Jr., reported on the Chicago Tribune website last night:

Mayor Rahm Emanuel’s school board on Wednesday unanimously approved a budget that relies heavily on borrowed money and the hope of a nearly $500 million bailout from a stalemated Springfield, with the specter of disruptive cuts in January if that help fails to materialize.

The $5.7 billion spending plan contains another property tax hike — an estimated $19-a-year increase for the owner of a $250,000 home — as well as teacher and staff layoffs. The Chicago Board of Education also prepared to go to Wall Street to issue $1 billion in bonds and agreed to spend $475,000 so an accounting firm can monitor a cash flow problem so acute that Chicago Public Schools mulled skipping a massive teacher pension payment at the end of June…

(Editor’s note: Bold added for emphasis)

My old neighbors on the city’s Northwest Side, in their single family homes that are selling just south of the $350K-mark on average these days, probably aren’t too thrilled to hear about this latest tax hike.

Oh, but it gets “better.” Perez added:

To help patch over a budget gap the district said exceeds $1.1 billion, CPS raised its property taxes to the maximum amount allowed under state law. But CPS may not be done — [Chicago Public Schools chief Forrest] Claypool has floated the idea of restoring a property tax levy dedicated to teacher pensions that would generate an estimated $170 million

(Editor’s note: Bold added for emphasis)

Keep in mind this is just the school’s portion of the Chicago property owner’s tax bill we’re talking about here.

Once again, a couple of bucks here, a couple of bucks there, and all these new and increased fees, fines, and taxes from various levels of government will have Chicago taxpayers going bonkers soon enough.

And Illinois taxpayers- note that bit about:

The hope of a nearly $500 million bailout from a stalemated Springfield…

You too could be on the hook for this debacle.

Head on over to the Chicago Tribune website here to get the full story on this latest tax hike.

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

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