Chicago Mayor Nixes Property Tax Hike in Budget Proposal
- Lightfoot initially sought 2.5% increase entirely for pensions
- Tax hikes possible for future pension funding, city says
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Chicago Mayor Lori Lightfoot abandoned a property tax increase in her 2023 budget proposal because revenue is rising more than expected, offering a reprieve to households that were facing a 2.5% hike in a year of red-hot inflation.
“As a result of this strong improvement in revenues, we have determined it is important to give our taxpayers some additional relief,” Lightfoot said in an emailed statement on Thursday. The budget “that I will propose to city council on Monday will not include a CPI increase on the property tax levy.”