CHICAGO (WBBM NEWSRADIO) — Mayor Brandon Johnson on Wednesday unveiled his $17.3 billion budget for next year, which features a $300 million property tax increase meant to close the city’s projected budget shortfall.
Johnson spent most of his budget message talking about the investments the city has and will make with the money that it has in law enforcement, mental health treatments, anti-violence efforts and economic development, among other things.
But the city will need more revenue to balance the finances of his proposal. To find such funds — without layoffs and without shorting the city’s pension payments — Johnson is proposing a $300 million property tax increase.
He told city council it was a tough decision.
“I directed my budget team to look at all the options at closing this budget gap,” Johnson said. “When it came down to either mass layoffs, curbing vital city services or an increase in property taxes, I would certainly much rather tax the rich.”
That tax hike, though, is going to affect average homeowners, too, and 14 city council members have already said they are hard no-votes on raising property taxes.
Others said they want more information and rationale from the city before their final judgments.
West Side Ald. Jason Ervin (28th), who chairs the city council’s budget committee, predicted that there will be 28 votes for the budget — enough for it to pass.
Budget hearings, which are scheduled to take place in the weeks ahead, are likely to be contentious.
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