Property Tax Surge Leaves Burden On Chicago Homeowners

<div class="body"><p>Brace yourself Chicago city residents: If you’re still reeling from recent tax increases, this year won’t be much better. In fact, the city will see another overall tax increase for 2018 leaving typical homeowners paying an estimated $174 more in taxes this year.</p><p>In 2016, Chicagoans began paying the first round of a record $588 million property tax increase that is currently being phased in over 4 years. The tax hike is the largest in Chicago’s history and is designed to stabilize fire and police pension funds and help balance the city’s budget. 2018 marks the 3rd year of planned consecutive tax hikes.</p><p>Due to the disgraceful debt load the city carries, and a state law requiring Chicago to increase its contributions to the public school pension fund, the City of Chicago is burdening city tax payers with an additional $63 million in property taxes for 2018.</p><p>While city residents struggle to find the means to pay for these unprecedented property tax increases, they will also be hit with an 8.4% tax increase on their water and sewer bills in 2018. Like the property tax increase for police and fire pensions, the water tax will also fund government pensions and is being phased in over 4 years, rising beyond 30% by 2020. Recent years have also seen an increased burden on Chicagoans with a plastic bag tax, monthly garbage fees, increased parking rates and Park District fees, 9-1-1 phone tax hikes, and more than 30 other local taxes and fees. While Chicago residents struggle to afford all the new taxes and fees, city government continues to dig deeper into their pocket books. It comes as no surprise then that experts continue to be concerned about Chicago’s credit rating.</p></div>