Chicago is hiking property tax bills by $42.7 million, keeping the city’s long-running tax hike tradition alive as it tries to manage its runaway pension debt. Mayor Lori Lightfoot chose in 2020 to tie property tax hikes to inflation with a maximum of 5%. After inflation reached a 40-year high, the city will instead use a 2.5% adjustment for tax hikes. Lightfoot said the increase will cost the owner of a $250,000 home $34 more each year, equating it to extra toppings at lunch. “To put that in terms that I can understand, that’s about the price of an Al’s...