Home Business Chicago aldermen are about to vote on a property tax hike. How the city chose to calculate it will boost tax bills for years to come.

Chicago aldermen are about to vote on a property tax hike. How the city chose to calculate it will boost tax bills for years to come.

by staff

And Lightfoot administration officials estimate the $22.9 million hike tied to the national CPI would only cost the owner of a $250,000 home about $18 per year. Another $19 increase on such a homeowner’s property tax bill would come from a $25 million tax hike the mayor has proposed to pay for her capital spending plan. The final piece of the tax increase, $28.6 million, would only be assessed on new properties, bringing the total to $76.5 million.

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