Chicago Plans $543 Million Property Tax Hike Over Four Years
ByChicago Mayor Rahm Emanuel will propose raising property taxes by $543 million over the next four years to help cover soaring pension-fund costs that have triggred downgrades to the city’s bond rating.
Emanuel, a Democrat who won re-election this year, will propose an increase of $318 million for 2015, his office said in a statement Monday. That will be followed by an additional $109 million in 2016, $53 million in 2017 and $63 million in 2018.
The proposal comes as Chicago is under mounting pressure to pump more money into its workers’ retirement system, which has a $20 billion shortfall. The debt has caused rating companies to cut Chicago’s rank lower than any big city except Detroit…
Chicago Plans $543 Million Property Tax Hike Over Four Years
