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News / City Life

Rahm is about to tax the hell out of Chicago

Rahm is about to tax the hell out of Chicago
Photograph: Daniel X. O'Neil/Flickr

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. 

 

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Comments

10 comments
Rena N

It amazing to me how you can stand flat footed and say you're not goin to do something.  Then  I will be switched if the liar didn't turn around and do what he said he wasn't...RAISE property taxes.

Ain't that a b----

Kevin W

I did not vote for Rahm, nor do I like him or any of these ideas, but the man is doing what he needs to do to keep the city solvent after 20+ years of Daley. Our city was run into the ground by a soft city council that did anything Daley wanted and we are now screwed because of it. Want to blame someone, look at Hizhonor.

Randy N

Rahm and all those that voted for him (or did NOT vote) can suck it! City Hall needs an enema!

Dastardly D

For those of you that voted for Rahm, hows's that workin out for ya?

Deanna O

"9.5 fingered Mayor"?  Unprofessional, distasteful. Ewww. You just lost a reader.

Brian Y

And chicagos population will hit 2.6 million faster than it would have before. In 1990 it was 2.79m and 2013 it was 2.19m while Houston grew theirs from 1.7m to 2.2 and NYC 7.3m to 8.4m during the same time. News flash Rahm and all of Chicago corrupt government. We will soon be the 4th largest city if you keep raiseing taxes. Population growth is ultimately the way to balance the budget and higher takes is a one time bandage as people will leave. And tax on ride sharing .... So more people buy cars and parking and traffic becomes a bigger issue. Stupid

AGRISHEM

I feel bad for the fixed income retiree who has paid off their mortgage years ago, and cannot afford the increased property tax. They have to sell their home in a still volatile market and move out of the city. Hopefully there will be some relief for people like this. And there are many of them. 

Fred R

Feel sorry chicago. When services become so expensive I think you should be able to consider alternatives or at least figure out where all thus money is going. Sounds a little fishy to me. Not really a democracy when all they have to do is say they need more money raise taxes and them if you don't pay them they can take your house There really isn't nothing that special in chicago to demand such a premium to live there. Run Forest. Run forest comes to mind