Chicago Mayor’s decision to tie property taxes to inflation may result in mammoth bills next year

[1srelluc]

Mayor Lori Lightfoot told Chicagoans nearly two years ago that her decision to tie how much the city of Chicago collects in property taxes to the rate of inflation made practical sense for both the city and taxpayers, and also showed she had a political discipline that her predecessors lacked.

After all, inflation for most of the previous two decades had hovered at or below a very reasonable 3%.

But as the first-term mayor kicks off her election-year budget push during the worst inflation crisis in at least two generations , Lightfoot has to decide how strong her political will really is. If Lightfoot decides to collect the full amount allowed under her annual tax formula, the tax increase would nearly quadruple in 2023 to $85.5 million, according to a Tribune analysis of the property tax levy and the mayor's policy.

While directed at property owners, the tax is likely to affect not only homeowners but renters and businesses across the city, hitting Chicagoans already reeling from higher costs at gas pumps and in grocery stores.

What's more, the possibility of a tax hike adds to the anxiety and uncertainty property owners are already facing because Cook County property tax bills for this year are late and officials have said there likely will be delays in upcoming years as well.

Mayor Lori Lightfoot’s decision to tie property taxes to inflation may result in mammoth bills next year

Can the dems possibly get anymore retarded?

 

[Dont Taz Me Bro]

Good. Voters need to feel the pain and stupidity of their decisions.

 

[odanny]

You would not believe how much Chicagoans pay in taxes, I remember a guy from one of the suburbs telling me a few years ago that he paid over $12,000 a year........... on a condo.

 

[Meister]

You would not believe how much Chicagoans pay in taxes, I remember a guy from one of the suburbs telling me a few years ago that he paid over $12,000 a year........... on a condo.

Just keep voting those liberals into office.

 

[AMart]

A Mayor can do that without legislation from being voted on?

 

[1srelluc]

A Mayor can do that without legislation from being voted on?

If the city council agrees she can.

 

[marvin martian]

Mayor Lori Lightfoot told Chicagoans nearly two years ago that her decision to tie how much the city of Chicago collects in property taxes to the rate of inflation made practical sense for both the city and taxpayers, and also showed she had a political discipline that her predecessors lacked.

After all, inflation for most of the previous two decades had hovered at or below a very reasonable 3%.

But as the first-term mayor kicks off her election-year budget push during the worst inflation crisis in at least two generations , Lightfoot has to decide how strong her political will really is. If Lightfoot decides to collect the full amount allowed under her annual tax formula, the tax increase would nearly quadruple in 2023 to $85.5 million, according to a Tribune analysis of the property tax levy and the mayor's policy.

While directed at property owners, the tax is likely to affect not only homeowners but renters and businesses across the city, hitting Chicagoans already reeling from higher costs at gas pumps and in grocery stores.

What's more, the possibility of a tax hike adds to the anxiety and uncertainty property owners are already facing because Cook County property tax bills for this year are late and officials have said there likely will be delays in upcoming years as well.

Mayor Lori Lightfoot’s decision to tie property taxes to inflation may result in mammoth bills next year

Can the dems possibly get anymore retarded?

Excellent. Make them pay for their bad decisions.

By the way, Lightfoot will easily win reelection because DemoKKKrats LOVE this shit.

 

[The Irish Ram]

Good. Voters need to feel the pain and stupidity of their decisions.

Yes. Yes. Yes.

 

[DGS49]

It is "normal" for property taxes to rise with the value of the property, although that principle is one that is most manipulated by influential homeowners, who manage to delay or avoid reassessments of their property at reasonable intervals. Is this what we're talking about here, or is the amount pegged to overall inflation?

You can't blame the Mayor for trying to create a system where City Council need not raise property tax rates in order to keep school funding rising with reasonable inflationary realities.

This woman seems to take a lot of heat for things that are outside her control.

 

[Quasar44]

Mayor Lori Lightfoot told Chicagoans nearly two years ago that her decision to tie how much the city of Chicago collects in property taxes to the rate of inflation made practical sense for both the city and taxpayers, and also showed she had a political discipline that her predecessors lacked.

After all, inflation for most of the previous two decades had hovered at or below a very reasonable 3%.

But as the first-term mayor kicks off her election-year budget push during the worst inflation crisis in at least two generations , Lightfoot has to decide how strong her political will really is. If Lightfoot decides to collect the full amount allowed under her annual tax formula, the tax increase would nearly quadruple in 2023 to $85.5 million, according to a Tribune analysis of the property tax levy and the mayor's policy.

While directed at property owners, the tax is likely to affect not only homeowners but renters and businesses across the city, hitting Chicagoans already reeling from higher costs at gas pumps and in grocery stores.

What's more, the possibility of a tax hike adds to the anxiety and uncertainty property owners are already facing because Cook County property tax bills for this year are late and officials have said there likely will be delays in upcoming years as well.

Mayor Lori Lightfoot’s decision to tie property taxes to inflation may result in mammoth bills next year

Can the dems possibly get anymore retarded?

Yes they can