The 2022 budget proposal announced by Chicago Mayor Lori Lightfoot includes an increase of $76.5 million in property taxes according to a recent article in the Chicago Sun-Times. This includes $22.9 million for the automatic escalator tied to the consumer price index, $28.6 million captured from new property, and $25 million for the initial installment of a $3.7 billion capital plan. Other taxes and fees will not increase thanks to federal stimulus funds the city received.
Last year, a divided City Council voted to tie property tax increases to the Consumer Price Index, after Mayor Lightfoot raised property taxes by $94 million. Some officials, including Alderman Brian Hopkins believe the automatic escalator needs to be repealed. “People are just so fed up with skyrocketing property tax bills. There’s a psychological impact to that where it’s one of the decisions people claim motivates them to leave Chicago. We really heard a lot of push back last year when the automatic increase provision was adopted. People don’t like it. We need to seek alternatives,” Hopkins told the Chicago Sun Times.
The City Council will hold a series of hearings on the budget this fall with key votes in November. Final passage is due no later than December.