(The Center Square) – Chicago property taxes could go up $300 million if Mayor Brandon Johnson gets his way.
The city is expected to spend more than $18 billion in the current fiscal year. Wednesday, Johnson gave his budget proposal for the spending plan to begin Jan. 1. The city faces nearly $1 billion in deficits.
Johnson said taxpayer spending continues as he works to find efficiencies, but pushed back against any mass layoffs or reductions in city services.
“That is why this budget currently includes a property tax increase of $300 million to fund and keep our commitment to fund not just our pension contributions but to fund the future of our city,” Johnson said.
The mayor noted families in the city are already faced with their own financial issues from the cost of food and child care.
“I know adding to those tough choices is not easy, but this was the best option that I had at this time,” Johnson said
Johnson blamed “the ultra rich and corporations” for advocating against a Chicago tax increase on property sales and a progressive state income tax voters have rejected.
At an unrelated event in Chicago Wednesday, Gov. J.B. Pritzker, who supported the failed progressive state income tax, said the state continues to increase the amount of tax dollars going to local governments, including Chicago.
“People feel like there isn’t ever enough but property taxes are already too high,” Pritzker said.
Illinois already has among the highest property taxes in the country.
“I understand though that there is stress in the city budget, but they have to figure out, I have talked about the need for efficiencies,” Pritzker said.
Johnson told the city council his administration has already found $300 million in efficiencies in the budget that faces nearly $1 billion in deficits.
Budget hearings are expected to start sometime next month.
