Chicagoans Could Be Facing Another Steep Property Tax Hike, Tied To The Education Funding Bill
By Stephen Gossett in News on Aug 28, 2017 9:51PM
Getty Images / Photo: Tim Boyle
Chicagoans could see yet another property-tax hike in their future, this potential one tied to the education funding bill that lawmakers are voting on in Springfield. According to Crain's, the House bill contains a property-tax increase of up to $130 million annually.
Greg Hinz reports that the an amendment in the funding bill allows for the current levy, of nearly .4 percent, could climb to .567 percent. There had been some speculation reported on Friday that the bill would lay the groundwork for a property-tax jump of up to $150 million.
Mayor Rahm Emanuel's press secretary last week was quick to push back against the characterization that the mayor on Thursday admitted that some manner of property tax increase related to the education-funding compromise was likely in the offing.
Will Chicago get a property tax increase? Read this thread w/MRE flack. https://t.co/gPKu2I5yA0— Mike Fourcher (@vouchey) August 25, 2017
The Civic Federation's Sarah Wetmore told Crain's that a homeowner with a home market value of $300,000 would see a roughly $150 payment increase per year.
Legislators in the House were still considering the measure on Monday late afternoon. (A vote could be close.) The Senate is slated to vote on Tuesday should the bill pass the first chamber.
While that unfolds in Springfield, some aldermen in Chicago were calling on Chicago Public Schools to resist a major tax hike of their own, which the district could potentially levy to shore up teacher pension costs.
An $838 million property tax increase, levied over four years, went into effect last year.
Read the full Crain's rundown here.