Analysts: Massive Chicago Property Tax Hike Just The Beginning

“And if Chicagoans think this major tax increase is some sort of one-off, well, I know of a certain bridge for sale out east.”

Survival And Prosperity, September 3, 2015

Chicago readers of this blog have been warned the last couple of years that the City of Chicago’s poor financial health means a sustained hunt for much more revenue (new and higher fees/fines/taxes) for the foreseeable future.

And Tuesday, this grim-yet-likely scenario was the focus of a City Club of Chicago luncheon.

Fran Spielman reported on the Chicago Sun-Times website yesterday afternoon:

A $500 million property tax increase will not be enough to solve Chicago’s $30 billion pension crisis or rid the city of the junk bond rating that has saddled the taxpayers with tens of millions in penalties and borrowing costs, analysts concluded Tuesday.

Civic Federation President Laurence Msall and Matt Fabian, a partner at Municipal Market Analytics, offered the grim assessment during a lively panel discussion on city finances before a packed house at a City Club of Chicago luncheon…

Fabian’s conclusion was that, as tough as it will be for homeowners and their aldermen to swallow a $500 million property tax increase, Mayor Rahm Emanuel and the City Council need to bite the bullet even harder

Msall agreed that a $500 million increase that would be Chicago’s “largest in modern history” is “not the full answer and it’s not going to be enough because we’ve dug the hole so deeply” by underfunding pensions and granting benefits that taxpayers cannot afford.

“We are going to have raise taxes very significantly just to pay the interest on the debt we have built up and it’s not going to be enough to save the city of Chicago,” he said…

(Editor’s note: Bold added for emphasis)

Still interested in that bridge?

Head on over to the Chicago Sun-Times website here to read- no, digest- what looks to be in store for the “Windy City” in the coming years.

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

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Wednesday, September 9th, 2015 Bonds, Credit, Debt Crisis, Entitlements, Fiscal Policy, Government, Taxes
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