Mayor Rahm Emanuel is poised to propose his budget to City Council Tuesday, with a big property tax hike expected to be at the forefront of the address. The sharp increase in costs coupled with the lack of a clear plan prompted Moody’s Investors Service earlier this year to drop the credit rating of Chicago to junk.
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“This is what the people of the City of Chicago deserve”, Ramirez-Rosa said.
In addition to the potential property tax hike, Emanuel also plans to push a garbage collection tax and possibly new fees for e-cigarettes and taxi an ride-hailing services. Scott Waguespack (32nd). “That’s on him”. Leslie Hairston (5th). On Monday, he proposed creating a congestion fee for cars entering Downtown.
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For next year, Chicago faces a $550 million increase in annual payments to the police and fire pension funds alone that are required by the state to start putting the retirement systems on a path to solvency. Yet it would affect delivery trucks and suburban commuters. That would generate about $1 million but would be aimed more toward deterring minors than generating money. Yet progressives like Ald. The total increase is $543 million – which Emanuel aides said would add about $543 to the tax bill on a home with a market value of $250,000.
