Chicago Mayor Brandon Johnson is calling for a $300 million property tax hike to avoid drastic cuts to city services and thousands of layoffs. The proposed hike is the second largest in Chicago history after the $588 million property tax hike pushed in 2016.

Johnson unveiled his $17.3 billion budget for fiscal year 2025, including a $982 million shortfall. “Our budget reflects the commitment to invest in our people and neighborhoods, ensuring that every Chicagoan has the opportunity to thrive,” said Mayor Johnson. “We are addressing our challenges head-on with strategic investments and prudent financial management.”

The move comes despite Johnson’s promises not to raise property taxes during his mayoral campaign in 2023. Johnson said the city’s financial condition was the result of mismanagement by his predecessors. As a result of the increase, homeowners would see an estimated 4.8% increase in the city portion of their property bills.