Mayor Rahm Emanuel is planning to announce one of the largest property tax hikes in Chicago history to help fund next year's colossal pension payment for police and firefighters, according to the Chicago Tribune. The tax increase is estimated to generate an additional $500 million in revenue for the city, which will cost an average homeowner an additional $500 per year. The 9.5-fingered mayor isn't stopping at property taxes to fix the city's pension crisis. He's also planning on a garbage collection fee, a tax on e-cigarettes and an additional $1 surcharge on Uber and other ride-sharing services.
The Sun-Times' Fran Spielman reports that the city is going to need at least at least $750 million in new revenue in order to balance the 2016 budget. In last April's runoff election, Emanuel skirted the issue of a hike in property taxes, stating that creative solutions and a "Chicago-owned, Chicago-run casino that would be fully dedicated to the pensions" would keep the city's finances afloat. It was widely speculated that whoever ended up winning the election would be forced to raise the city's property taxes, but no serious candidate is going to stand on that platform.
If you're thinking you're not affected by property taxes because you don't own a home, think again, dingus. A hike in property tax rates and garbage collection fees directly trickles down into the cost of rent, so good luck re-signing that lease without forking out a few extra Benjamins per month.