A substantial property tax hike remains in the mix as the deadline to fill a huge city budget hole nears, Mayor Lori Lightfoot indicated today. In comments to a city conference for municipal bond investors, Lightfoot gave only the remotest hints of her solution for a projected $838 million budget hole, suggesting again—as she has in recent weeks—that a hike in the city’s real estate transfer tax for upper-end properties and a raised levy on Uber and other ride-hailing services are strong bets.
But the mayor did little to discourage speculation that, in the end, a property tax increase will be needed, too.
Lightfoot acknowledged that average Chicagoans are more upset about property taxes than any other levy and noted that taxes at the end of former Mayor Rahm Emanuel’s tenure rose by record rate as the city moved to fully fund its long-shortchanged employee retirement systems. Click here to continue reading at Craine’s Chicago Business.