Posted on 07/20/2022 6:19:00 PM PDT by simpson96
Chicago Mayor Lori Lightfoot’s decision to tie annual property tax increases to inflation could potentially have a huge impact on the bills that taxpayers will receive in coming months, but she says that there are discussions underway to “put some guardrails” on the process moving forward.
Lightfoot was asked about the plan on Monday after reports pointed out that Chicago property owners could see a 5% increase in their property tax bills without city action.
“We’ve started a discussion internally with our finance team, which we will present a plan as part of our budget to make sure that there isn’t a significant burden on taxes for our taxpayers,” she said.
Early in Lightfoot’s term as mayor, her administration proposed tying the increase of property taxes to the Consumer Price Index, a move Lightfoot said would be preferable to the previous timing of increases, which she argued had mostly been political in nature, avoiding large upswings in the months immediately following an election.
The increase went into effect with the 2021 city budget, and became automatic in 2022.
While the increase in taxes is capped at 5% annually, the CPI has soared by more than 9% because of explosive inflation in the United States’ economy. That 9.1% increase in the CPI is the largest in a one-year span since Nov. 1981, according to the U.S. Bureau of Labor.
When asked whether she regretted the decision to tie property taxes to the CPI, Lightfoot said that it was impossible to predict the type of inflation that the U.S. is currently seeing.
(Excerpt) Read more at nbcchicago.com ...
guardrails ? this Ewok is nuts
“capped” at 5% because they didn’t think inflation would ever get that high.
Must be something they could do to make it undesirable to live there.
Gotta get the gangs to pay their fair share./s
I’m sure citizens will be willing to pay more - for all those great municipal services.....
Property tax gouging, coming right up.
““capped” at 5% because they didn’t think inflation would ever get that high.”
Yup—that is what you get when you listen to “experts”.
Revenue up by 5%, expenses up by 10%.
What could possibly go wrong?
The good news—math is racist!
They’re doing just fine as it is.
CC
If you live in or own property in Illinois, get out, fast.
I self identify as a politician, so I wont be paying taxes.
That is what they get for voting Democrat.
taxpayers income doesn’t raise just cause you want more money
👍
CC
Friend of mine has a nice house in Chicago the property taxes moved from 16K to 60K in ten years. In just five years it went from 24K to 38K to 60K. She sold her house when the taxes were 38K. And she left the state to a low tax state.
“(Like with) anything else I do, I don’t have any regrets, but obviously nobody anticipated that the CPI was going to explode like it has this year,” she said. “Nobody could have anticipated what the consequences of inflation that we’re seeing here this year.”
She is quoted in this article with the above. With anything she does, she has no regrets. She never has any regrets, never makes any mistakes, would never have done anything differently had she known the consequences of that action?
I find this a bizarre thought process, apart from the specific budget issue with property taxes being discussed.
They need to run the RATS out of town on those “guardrails.”
“Lightfoot Says ‘Guardrails’ are Being Discussed”
Yeah, the guardrails on the road going the frack out of Chicongo.
Guardrails?
Maybe they should discuss Kevlar, instead.
wy69
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