Reported 27 days ago
Chicago Mayor Brandon Johnson has proposed a $300 million increase in property taxes to address a nearly $1 billion budget shortfall for next year, breaking a campaign promise against tax hikes. The budget plan, which includes a total of $17.3 billion and a record allocation from unused funds, aims to support underfunded pensions while avoiding significant workforce reductions, particularly in public safety departments. The increase would be the largest since 2016, raising property tax bills by approximately 4% for homeowners, amid ongoing financial pressures and declining federal aid.
Source: YAHOO