If Lightfoot collects the full amount allowed under her annual tax formula, the tax increase would nearly quadruple in 2023 to $85.5 million.
Chicago Mayor Lori Lightfoot said Monday that she will “make sure there isn’t a significant burden” on property owners as the city prepares a budget that will include property taxes tied to inflation, which has spiked dramatically.that the mayor’s policy tying property taxes to inflation could mean that the tax increase would nearly
“Nobody could’ve anticipated what the consequences of inflation that we’re seeing here this year but we’ve started a discussion internally with our finance team, we’ll present a plan as part of our budget to make sure there isn’t a significant burden on taxes for our taxpayers,” Lightfoot said. “That’s not what the plan was so we’ll make sure we take the necessary steps to put some guardrails around the CPI going into next year’s budget.
Houses on South Campbell Avenue in Chicago’s Ashburn neighborhood on July 14, 2022. Mayor Lori Lightfoot's policy ties property taxes to inflation.
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