Chicagoans are still grumbling about the 12 percent average property tax bill increase they got handed for 2015.
Now they face even more increases thanks to a plan to increase taxes by the Chicago Board of Education. According to the Chicago Tribune, CPS will boost its property tax levy to the maximum amount allowed by law to meet budget shortfalls.
Some $250 million will go to pension obligations, which should come as no surprise. Public employee pensions drove the massive $543 million increase the city came up with for 2015. Most of the money for that levy went toward fire and police pensions.
What will this cost? According to the Tribune:
“CPS officials say the district’s total tax increases would cost the owner of a $250,000 home an extra $245.”