Chicago Mayor Announces No Property Tax Increase Next Year
CHICAGO — In a statement posted on her Twitter page, Chicago Mayor Lori Lightfoot announced that the city would forgo for one year the Consumer Price Index increase on the property tax levy. According to the mayor, the economy continues to show a better than projected recovery and the city revenues continue to exceed estimates. The mayor’s statement applies only to an inflation-related hike in property taxes, not to already-approved levy hikes that were passed in earlier years, according to Crain’s Chicago Business. The mayor’s recommendation is part of her budget proposal.