Chicago Mayor Brandon Johnson has proposed a $300 million property tax increase in order to prevent significant cuts to city services and the loss of thousands of jobs. This would be the second largest property tax hike in Chicago’s history, following a $588 million increase implemented in 2016.
The mayor recently revealed his budget plan for fiscal year 2025, which includes a shortfall of $982 million. Despite this challenge, Mayor Johnson remains committed to investing in the people and neighborhoods of Chicago. He stated that their budget reflects this commitment and aims to provide opportunities for all residents to thrive through strategic investments and responsible financial management.
This decision is surprising as it goes against Johnson’s promise not to raise property taxes during his mayoral campaign back in 2023. However, he blames previous administrations for mismanaging finances which led to the current state of affairs. If approved, homeowners can expect an estimated 4.8% increase on their city portion of property bills.
