RAHM CALLS FOR LARGEST PROPERTY TAX HIKE IN MODERN CHICAGO HISTORY
|Mayor Rahm Emanuel|
Chicago Mayor Rahm Emanuel has called for the largest-ever collection of taxes and fees in modern Chicago history an attempt to plug the city’s $750 million budget hole, rather than making dramatic reforms to spending.
The mayor has confirmed Chicago’s budget will include the following increases, according to Crain’s Chicago Business:
- $543 million in total property-tax increases to pay for city pension contributions, with property taxes rising by:
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- $318 million this year
- An additional $109 million in 2016
- An additional $53 million in 2017
- An additional $63 million in 2018