Source: Chicago Tribune

Written by: John Byrne

In 2020, Mayor Lightfoot passed a budget rule that ties property taxes to inflation. The federal Bureau of Labor Statistics shows a 7% increase in the national consumer price index from the previous year. This equates to a 5% increase in property taxes from the previous year (5% is the ceiling per the budget rule).

The tax increase to homeowners, landlords, and commercial property owners due to the 5% increase can not yet be calculated because the calculation depends on property assessments and the total size of the tax levy.

The inflation increase is another layer in the property tax story. For this year, property taxes will go up a total $76.5 million. Other elements include an increase that raised $25 million to pay for Lightfoot’s capital spending plan and $28.6 million that was raised through assessments on new properties.

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