CHICAGO (WBBM NEWSRADIO) — Amid reports that Mayor Brandon Johnson plans to use a property tax increase to help close the city’s $1 billion budget shortfall, reaction is coming in from city council members.
Ald. Matt Martin (47th), whose ward includes parts of North Center, Lincoln Square and Ravenswood, was standing with service employees union leaders when he was asked about the possibility of higher property taxes to close the budget gap.
He noted that the people with him are taxpayers and housing costs are high, but he also knows new revenue must be considered.
“I look forward to seeing what the mayor's office is proposing,” Martin said. “I've not heard what amount they're looking at, but at the end of the day, we need to pass a fiscally responsible budget.”
Martin said he expects a property tax increase will very much “be on the table.”
“Let's make sure that we're talking with our friends in labor and talking with our residents to make sure that the budget that we ultimately pass — because we are going to pass a budget — is something that's sustainable,” he said. “Is it going to price people out of our communities?”
Fellow North Side Ald. Timmy Knudsen (43rd) said a property tax increase has been a possibility ever since Jonhson’s office announced the projected $1 billion budget deficit for 2025. While he doesn’t want to see a property tax increase, Knudsen said if one is necessary, then he’d like it to be minimized.
The alderman also acknowledged that there’s been some belt tightening lately, with alders not allowing their salaries to rise automatically with the Consumer Price Index (CPI).
“In the past two years, the city has not done a property tax increase,” Knudsen said. “They have not gone with the CPI — as we all voted would be the way to do this, so that it wasn't political one year or it wasn't inflated one year, as I think we're seeing right now.
“So, I'm interested to see the whole budget, you know, holistically, and negotiate from there.”
The negotiations will essentially begin right after the mayor delivers his budget address to the city council on Wednesday morning.
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