CHICAGO (WBBM NEWSRADIO) – Chicago Mayor Lori Lightfoot’s $12.8 billion budget for next year passed on a relatively narrow margin and includes what the mayor calls a “modest” increase in property taxes.
That tax increase is $94 million, and an increase every year by an amount that’s tied to the consumer price index.
“In this last-resort kind of year, we worked hard and came up with a proposal regarding the property taxes that will help us climb the necessary ramp to make sure our pension funds are fully funded and that we keep our promise to our retirees,” Lightfoot said Tuesday.
She says she appreciates the number of city council members who were willing to work with her.
The vote on the mayor’s property tax increase was 28-22, a contrast from the days the council was considered a “rubber stamp.”
Last year, after the mayor’s first budget passed, Lightfoot said she would be celebrating with a Scotch and a cigar. This year, same. But she says she’s adding a steak.