After facing significant pushback from the Chicago City Council, Mayor Brandon Johnson announced this week that his proposed $300 million property tax increase was open to negotiation.
In a statement on Tuesday, Johnson explained that as a public-school teacher, he often uses tactics to capture people’s attention. He reiterated that his proposal was just an idea and subject to change.
However, during today’s meeting where the City Council planned to vote on the tax hike plan, it was unanimously rejected. According to reports from the Chicago Tribune , Johnson had used this tactic in order for aldermen to become more engaged and aware of the city’s budget deficit of $982 million.
Now with his proposal off the table, Mayor Johnson will need explore alternative ways of funding his budget. While he has previously stated that without a property tax increase layoffs and furloughs would be inevitable, there are other potential options such as increasing garbage collection fees or implementing small taxes.
At Connect Industrial Midwest 2025 event on Wednesday March 5th at Joe’s Live in Rosemont IL., Michael Brennan will receive Connect CRE’s Lifetime Achievement Award and participate in an exclusive Keynote Interview with Kevin Brennan from Brennan Investment Group. Don’t miss out!
