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Property taxes set to rise in Chicago, again

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.