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Lightfoot: No Property Tax Hike—for Now
Mayor Lori Lightfoot’s proposed 2020 municipal budget doesn’t include a sizable property tax increase, which she had earlier warned was a possibility. However, she said Wednesday that avoiding a property tax hike is contingent on the state legislature approving an increase in the real estate transfer tax, along with revamping the finances of a proposed Chicago casino so that it’s feasible to build the facility.
If Springfield doesn’t come through, she warned, “we will be forced to make painful choices when it comes to new revenues.”
The budget does include some $352 million in new revenue sources. These include improved cost recovery for city services; a new congestion policy to reduce gridlock in the downtown zone; a revised restaurant tax to put Chicago on par with the suburbs; the first increase to parking meter rates since 2013; and new revenues as a result of legalized cannabis.
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- ◦Economy
- ◦Financing
