Lightfoot declares $42.7M property tax hike

Chicago Mayor Lori Lightfoot (Illustration by The Actual Take care of Getty Photos)

Mayor Lori Lightfoot will not increase property taxes as a lot as she may.

The Chicago Tribune reported that on Wednesday, Lightfoot introduced the smallest price range discount since his time in workplace, saying the town would solely enhance property taxes by $42.7 million, as a substitute of an $85.5 million enhance tied to his inflation. Property tax formulation could also be required.

“On account of our laborious work over the previous three-and-a-half years and regardless of a world pandemic that resulted in an financial downturn and lack of income, we persevered, lived as much as our values ​​and authorized the town’s decades-long price range. deferred liabilities,” Lightfoot stated. “In different phrases, we are actually dwelling inside our means and have begun on the suitable path to monetary stability and restoration.”

Whereas Lightfoot is celebrating a comparatively small price range crunch, Chicago forecasts a $475 million discount within the metropolis’s company funds in 2024 and greater than $550 million in 2025.

Politicians typically attempt to keep away from any vital tax will increase throughout election years. Lightfoot’s 2023 spending plan was created in an effort to keep away from upsetting Chicago residents forward of the February mayoral race.

“When all is alleged and carried out, a home-owner with a $250,000 house pays $34 a 12 months,” Lightfoot stated throughout the announcement. “That is in regards to the worth of Al’s Italian Beef Sandwich—sizzling, diced and with additional cheese—for a household of 4.”

Two years in the past, when Lightfoot first launched the coverage, it was offered as a solution to maintain property taxes extra secure, as inflation had been round 3 p.c for the higher a part of the previous 20 years. The 2022 property tax elevated by $22.9 million after the inflation charge rose to 1.4 p.c between December 2019 and December 2020.

— Victoria Pruita

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