Excerpts from the ChicagoTribune.com:
Mayor Rahm Emanuel is reportedly planning to propose the biggest property tax hike in recent Chicago history, aiming to generate enough revenue to cover a major pension payment for police and firefighters next year, according to sources close to the mayor and City Council leaders.
In addition to the property tax increase, the administration is considering new taxes on garbage collection, a per-ride fee for taxis and ride-hailing services like Uber, and a levy on electronic cigarettes and smokeless tobacco products. These measures are part of broader efforts to address the city’s long-standing budget deficit and improve financial stability.
Alderman Patrick O’Connor, representing the 40th Ward, explained that the plan is designed to reduce the city’s annual budget shortfall and curb harmful financial practices such as “scoop-and-toss†borrowing—where the city takes on new debt to pay off existing obligations at higher interest rates. The goal also includes moving the police and fire pension systems toward long-term solvency.
The proposed property tax increase could range between $450 million and $550 million, with O’Connor estimating it at $450 million specifically for pensions, plus an additional $50 million for a Chicago Public Schools construction initiative. While the aldermen would need to approve the CPS tax, the final decision would rest with the Chicago Board of Education.
Residents could soon face a monthly garbage fee, estimated between $10 and $12 for single-family homes and two-flats. Though the tax won’t fully cover the cost of waste removal, it's expected to significantly reduce the city’s burden. Details about the e-cigarette tax and ride-hailing fees remain unclear, though Alderman Edward Burke had previously suggested a $1-per-ride charge for taxi and ride-share services.
During his first term, Emanuel avoided large-scale tax increases, instead implementing smaller fees and fines that collectively amounted to a 60% rise in property taxes for the average homeowner. Despite this, he was able to claim during re-election that he hadn’t raised property, sales, or gas taxes during his time in office.
However, the mayor failed to set aside funds for the growing pension obligations that have been looming since a state law under Mayor Richard M. Daley mandated larger payments. This year, pension payments total around $478 million, but next year they are expected to jump by $538 million under current law. Emanuel is hoping Governor Bruce Rauner will sign a bill allowing for a more gradual increase, but the legislation remains stalled in the legislature.
If enacted, the proposed property tax hike would surpass what Emanuel once called the largest in Chicago history. In 1987, under Mayor Harold Washington, property taxes rose by $79.9 million, equivalent to about $167.8 million today. In 2008, under Daley, the increase was $86.5 million, or roughly $96 million in modern dollars.
For weeks, the mayor has been holding private meetings with senior staff to find a way to meet pension obligations while also reducing costly borrowing. Many aldermen have long anticipated a significant property tax increase as a key component of the solution.
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