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Chicago & Midwest  + Downtown  + Finance  | 

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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Policy/Gov't
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