New Property Tax Hike Plan Unveiled by Chicago Mayor

Budget Proposal Includes $150 Million Tax Increase

Chicago Mayor Brandon Johnson has unveiled his 2025 budget proposal, which includes a significant $150 million property tax hike. The plan aims to address the city’s chronic budget deficits and fund key infrastructure projects.

Impact on Homeowners

The proposed tax increase will add an average of $144 to the annual property tax bill of a typical homeowner in Chicago. This equates to an increase of around 3.8% on the current average property tax bill of approximately $3,800.