Nov
30

Daley Says Tax Increase for Chicago Real Estate Owners Could Be Devastating

November 30, 2010

A lot of our readers have been writing in about their high Cook County property tax bills, and it seems our mayor is listening.

According to the Chicago Sun-Times, Mayor Richard M. Daley spent Tuesday warning city officials that raising property taxes to fund city pensions would be disastrous. He is referring to four under-funded city employee pension funds that are slated to run out of money by 2030.

Mayor Daley crossing his arms with a scowl on his face.

Mayor Daley warned city officials that a property-tax increase could devastate our city.

“There’s a recommendation in Springfield to increase a tax levy by $400 million in 2015 only for fire and police. If they do that for the rest of the employees, that’s an $800 million tax increase,” said Daley. “Every homeowner would not be able to sell their home in Chicago.

“You cannot place the financial problems on the back of every homeowner in Chicago. Besides that, every business in Chicago. That will make our city basically a city that will have a financial disaster.”

Even renters would suffer, since landlords would most likely raise rents to cover higher property taxes.

A different approach, according to Daley, is for police and firefighters to make higher pension contributions, which haven’t increased in 25 years, and to offer reduced pensions to new hires.

He may be a lame duck, but at least he’s still fighting for Chicago property owners.

The Mayor spoke today after city officials unveiled plans for dealing with Chicago streets for winter. For more on that story, click here.

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Tracey

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6 Comments

1

It sure the hell is. ENOUGH IS ENOUGH.
LOTTRERY 625 MILLION. All PROPERTY TAX PAYERS check it out oh NOOOOOOOOOOOOO.

2

NOOOOOOOOOOOOOOO NEW MAYOR we work hard. Public Schools their problem…… My Children no had to pay.

3

Stop!!!!!!!!!!!!!!

4

No not feeling it……………..

5

Yeah HISPANIC but what are you doing? wait Born HERE Papers YES rasied here YES, HORRIBLE……………. TAX PROPERTY ?????????????????

6

Mr. Mayor you have no clue. STOP!!!!!!!!

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