Police and fire pensions, which have already driven steep increases in Chicago property taxes in past years, are poised to slam property owners once again.
The Chicago Sun-Times reports that a tax increase is likely to be necessary in 2020, backed up by a 2021 water and sewer bill increase to cover shortfalls in the Municipal Employees pension fund.
According to the story:
By the city’s own estimate, police and fire pension costs will rise by $297.3 million, or 36 percent, in 2020. The Municipal and Laborers plan costs will grow by $330.4 million, or 50 percent, in 2022.
The article goes on to note: “Chicago taxpayers have been hit with nearly $1.1 billion in property tax increases, primarily for police, fire and teacher pensions and school construction; a 29.5 percent tax on water and sewer bills to save the Municipal Employees pension fund; a 56 percent telephone tax hike in 2014 and another 28.2 percent next year for the Laborers fund; a new garbage collection fee; a bag tax; and increases in water, sewer and city sticker fees, hotel and parking taxes and parking fines, among others.”
All of this to say: If you haven’t filed a property tax appeal, learn all about how to do it and potentially save money on property taxes.