Chicago Mayor Proposes $300 Million Property Tax Hike

Chicago Mayor Brandon Johnson is proposing a $300 million property tax increase in 2025, breaking his campaign promise not to raise property taxes as he seeks to address a nearly $1 billion budget shortfall. Johnson, who previously stated he would not raise taxes, cited the dire financial situation and the need to avoid significant layoffs in crucial city departments, including police and fire services. His budget plan, which will be presented to the City Council, is intended to balance a $17.3 billion spending plan while avoiding drastic cuts to city services. The proposed tax hike would be the largest since 2015 and is aimed at addressing the city's longstanding pension obligations and revenue shortfalls exacerbated by the end of federal pandemic aid. Opposition has emerged from some aldermen who argue for a more balanced approach involving both revenue increases and budget cuts. The success of Johnson's proposal will depend on gaining support from the City Council and labor unions, with significant fiscal decisions expected in the coming weeks.