Mayor Lori Lightfoot to propose 2022 Chicago budget, with property tax increase possible

CHICAGO (WLS) — Mayor Lori Lightfoot will present her proposed 2022 budget to the City Council Monday, and it reportedly will include a property tax increase.

Mayor Lightfoot will deliver her budget address at City Hall with aldermen attending in-person, not virtually.

In August, the mayor projected a budget shortfall of $733 million for the 2022 budget.

The shortfall is down from the $1.2 billion deficit from last year, when revenues were greatly impacted by the COVID-19 pandemic.

According to the Sun Times, the mayor’s budget proposal will increase the property tax levy by $76.5 million, but will hold the line on all other taxes, fines and fees.

The mayor plans $1.2 billion in new investments, with millions going to community development, affordable housing and helping the homeless. Nearly half of it will be paid for with federal COVID-19 relief money.

Last year, Lightfoot raised property taxes by $94 million and persuaded aldermen to follow that with annual increases tied to the Consumer Price Index.

Some aldermen have been very vocal about even the suggestion of a property tax increase, saying Chicagoans have “no tolerance” for it.

After the Mayor delivers her address, aldermen are expected to set public hearing dates so residents can weigh in.

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