Chicago Council Rejects Proposed $300 Million Tax Hike

Chicago's City Council unanimously voted to reject Mayor Brandon Johnson's proposed $300 million property tax increase as part of the 2025 budget plan, which was intended to address a nearly $1 billion deficit. This decision requires the mayor to collaborate with the council to explore alternative revenue sources and budget cuts. The tax increase would have raised property taxes by 4.8%, contradicting Johnson's campaign promise to avoid such hikes. Meanwhile, in Richmond, Virginia, the City Council voted against a proposed 4-cent reduction in the real estate tax rate, opting instead to support Mayor Levar Stoney's tax relief initiatives, which include a one-time rebate and exemptions for seniors and disabled residents. Stoney's plan aims to provide financial relief through various programs, including a gap grant for low-income households. The contrasting approaches illustrate the ongoing challenges faced by city councils in balancing revenue needs with taxpayer relief.