By: John Byrne

Source: Chicago Tribune

City Council budget hearings kicked off, and North Side Ald. Harry Osterman quickly asked Lightfoot’s finance team whether it’s appropriate to exercise the city’s ability to boost taxes next year on homeowners.

Budget Director Susie Park responded to Osterman that “when the federal money runs out, it’s important for us to be able to have revenue streams that will continue to help address some of the increasing costs that occurred during the midst of COVID, no matter what happened with our revenue sources. And the property tax is an important component of that.”

Lightfoot wants to boost the property tax levy by $76.5 million. About $23 million of that is tied to inflation, about $25 million of the hike would go toward debt service on a capital plan, and another $28.6 million is expected to come from new development and the expiration of tax-increment financing districts.

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