$68.5M Chicago Property Tax Hike Clears First Hurdle

A $68.5 million property tax hike has cleared a first and important hurdle, passing through Chicago’s Finance and Budget committees.

Mayor Brandon Johnson’s proposal to raise the tax by $68.5 million to fill a nearly $1 billion deficit narrowly passed. The latest version of the mayor’s budget does not include layoffs, but it does include new tax hikes on cloud services, parking, streaming platforms, and the cost of plastic bags. There’s also the addition of a congestion tax on weekend ride shares, along with the budget committee approving adding more speed cameras.

Last month, the city council rejected the mayor’s initial budget, which included a $300 million property tax hike and a second $150-million proposed hike. Now, the budget heads to a full city council vote on Friday. The city must pass an approved budget by the end of the year.