Chicago property tax increase for pension payments
Excerpts from the ChicagoTribune.com:
Mayor Rahm Emanuel is reportedly planning the most significant property tax increase in recent Chicago history to secure funding for a major pension payment for police and firefighters next year, according to sources close to the mayor and City Council leaders.
In addition to the property tax hike, the administration is considering new measures such as a garbage collection fee, a per-ride charge on taxis and ride-hailing services like Uber, and an excise tax on electronic cigarettes and smokeless tobacco products. These proposals are aimed at addressing long-standing budget shortfalls and reducing reliance on costly borrowing practices that have burdened the city's finances over the years.
Ald. Patrick O’Connor, representing the 40th Ward, emphasized that the goal is to reduce the city’s annual budget deficit and move away from unsustainable financial strategies, including "scoop-and-toss" borrowing—where the city rolls over debt at higher interest rates. The plan also includes efforts to stabilize the police and fire pension systems.
The proposed property tax increase could range between $450 million and $550 million to cover pension obligations. While the exact figure is still under discussion, Ald. O’Connor suggested $450 million for pensions and an additional $50 million for Chicago Public Schools construction. The aldermen would need to approve the CPS-related tax, with final approval coming from the Chicago Board of Education.
Residents may soon face a monthly garbage fee of $10 to $12 for single-family homes and two-flat units. Although this fee won’t fully cover the cost of waste collection, it is expected to significantly reduce the city’s expenses in this area.
Details about the e-cigarette tax and the taxi/ride-hailing fees remain limited. However, Ald. Edward Burke had previously supported a $1-per-ride fee for Uber and Lyft, and Mayor Emanuel hinted at the possibility of including such a measure in his upcoming budget proposal on September 22.
During his first term, Emanuel avoided large-scale tax hikes, instead implementing smaller increases in fees and fines that effectively raised property taxes by 60% for average homeowners. Despite this, he was able to claim during re-election that he had not increased property, sales, or gas taxes during his time in office.
However, the mayor did not set aside funds for the looming pension payments, which were mandated by a state law passed when Mayor Richard M. Daley was in office. This year, the city paid out around $478 million in pension benefits, but next year’s payments are expected to rise by $538 million under current law.
Emanuel is hoping Governor Bruce Rauner will sign a bill that would allow the city to phase in these higher payments gradually. The legislation passed in May, but it has yet to be sent to Rauner due to broader legislative gridlock.
This potential property tax hike would surpass what the mayor previously claimed was the largest increase in Chicago history. In 1987, under Mayor Harold Washington, property taxes rose by $79.9 million, equivalent to about $167.8 million today. In 2008, under Mayor Daley, the increase was $86.5 million, or roughly $96 million in today’s dollars.
For weeks, Emanuel has been holding private meetings with senior staff to find ways to meet pension obligations while also reducing the city’s reliance on expensive borrowing. Many aldermen have long anticipated a major property tax increase as part of the solution.
Introducing our car Air Bed, a revolutionary solution for comfortable and convenient rest during your journeys. Whether you're embarking on a road trip, camping adventure, or simply need a quick break during a long drive, our car mattress ensures that relaxation is just a setup away.
Crafted with quality materials, the car Air Mattress is designed to fit into most car models, transforming your vehicle into a mobile bedroom. The inflatable mattress provides a supportive and comfortable surface for a rejuvenating nap or overnight sleep. Its compact and portable design makes it easy to store when not in use, ensuring that you have comfort at your fingertips whenever you need it.
Setting up the inflatable car bed is a breeze, thanks to the user-friendly inflation system. Most models come with a built-in electric pump that quickly inflates the air mattress, allowing you to create a cozy sleeping space in a matter of minutes. Adjust the firmness to your liking, providing a personalized sleep experience tailored to your comfort preferences.
The versatility of the inflatable car mattress extends beyond its use in the car. It's an excellent companion for camping trips, picnics, or any outdoor activities where comfortable seating or sleeping arrangements are needed. The durable materials ensure longevity, and the easy-to-clean surface makes maintenance a simple task.
Choose our car camping mattress for a travel experience that prioritizes comfort and convenience. Elevate your road trips, make camping more enjoyable, and turn your car into a comfortable haven on the go. With our car mattress, every journey becomes an opportunity for relaxation and rejuvenation. Upgrade your travel experience today!
car mattress, car air mattress, car camping mattress, inflatable car bed, inflatable car mattress
Lixin Outdoor Product Co., Ltd , https://www.pdinflatable.com