CHICAGO (AP) – After watching for years as their city’s financial troubles piled up, Chicago homeowners will be told this week that it’s time for them to start paying the tab.
Mayor Rahm Emanuel’s office says he’ll propose a phased-in $543 million property tax on Tuesday to help eliminate police and fire pension debt. He’ll also outline other taxes and fees for schools, garbage collection and ride-sharing services to help close a budget gap and improve credit ratings.
The financial problems have mounted because of inadequate contributions to the pension system and questionable borrowing.
Emanuel says he wants to put Chicago on healthier financial footing. But some others fear the hike will dent Chicago’s reputation as an affordable place to live in contrast to other major cities like New York and Los Angeles.