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Lightfoot Holds Off on Property Tax Increase for 2023
Chicagoans will not face a city inflation-related property tax increase in 2023 after all, Mayor Lori Lightfoot said Friday. Lightfoot had said in August that taxpayers should expect a $42.7-million hike, an increase that would have been less than is automatically required under an inflation adjustment approved a couple of years ago.
“Because our economy continues to show better than projected recovery, our city revenues continue to exceed our estimates,” Lightfoot said in a statement. “As a consequence, I am happy to announce that we are able to forgo, for one year, the (consumer price index) increase on the property tax levy.”
The mayor’s statement applies only to an inflation-related hike in property taxes, not to already-approved levy hikes that were passed in earlier years, Crain’s Chicago Business reported. Nor does it apply to agencies that impose taxes separately from the city, such as Chicago Public Schools.
- ◦Financing
- ◦Policy/Gov't
