Chicago Faces Record Tax Hike as Pensions Compound Deficit
- Mayor Emanuel will pitch $588m property tax hike on Tuesday
- City is facing $426 million deficit, $20 billion pension gap
Chicagoans are bracing for the biggest property tax increase in the city’s history as Mayor Rahm Emanuel contends with a budget shortfall and soaring retirement bills that have sent its credit rating tumbling.
Emanuel, a Democrat, on Tuesday proposed raising property taxes by $588 million over the next four years. That would inject cash into the city as it faces a $426 million deficit and a pension-plan debt that’s grown to $20 billion, more than $7,000 for each resident.