Chicago Mayor Rahm Emanuel's budget is seeking to hike property taxes in the city by close to $600 million over the next four years.
The mayor will make his budget address to the Chicago City Council Tuesday morning and will present a package that calls for the following:
- A $543 million property tax hike that is phased in over four years' time. Property taxpayers would see a $318 million increase in 2016 and a $109 million hike the following year. Another $53 million would be added to the city's taxpayers in 2018 along with a $63 million bump in 2019. Overall, the property tax increase is estimated to cost taxpayers close to $600 a year, according to the Emanuel administration.
- The city's first garbage collection fee of $9.50 per household; senior homeowners will pay half that price.
- A $45 million tax hike that would be used for construction at Chicago public schools.
- A 15% increase, amounting to 50 cents, for taxi cab fares.
- A new tax on e-cigarette fluid.
- A $5 fee for ride-sharing companies when they pick up or drop off fares at McCormick Place as well as Midway and O'Hare airports, to which the budget would give the transportation companies access authorization.
Check back with Progress Illinois for more on the mayor's budget proposal.