Chicago property tax increase for pension payments

In recent developments reported by the Chicago Tribune, Mayor Rahm Emanuel is reportedly planning to propose one of the largest property tax hikes in Chicago's modern history. This move aims to generate sufficient funds to cover a significant pension payment earmarked for police and firefighters next year. According to City Council insiders and sources close to City Hall, the mayor's strategy also includes introducing new taxes on garbage collection, ride-hailing services like Uber and Lyft, as well as electronic cigarettes and smokeless tobacco products. Alderman Patrick O’Connor, representing the 40th Ward, explained that the primary goal is to address the persistent budget deficit that has plagued Chicago for years. This effort involves reducing reliance on risky borrowing practices, such as “scoop-and-toss” loans, which defer immediate debt obligations at the cost of increased expenses in the future. The administration is keen on stabilizing the police and fire pension systems to ensure their long-term viability. The mayor is contemplating a property tax increase ranging from $450 million to $550 million, specifically targeting contributions to police and fire pensions. However, the exact amount remains undecided. O’Connor suggested a lower figure of $450 million for these pensions, along with an additional $50 million for infrastructure projects in the Chicago Public Schools system. Aldermen would need to approve the property tax increase for CPS, with the Board of Education overseeing its implementation. Residents may soon face a garbage collection fee similar to those in many suburban areas. O’Connor estimated this tax at $10 to $12 monthly for single-family homes and two-flats, acknowledging that it wouldn’t fully cover garbage collection costs but would significantly reduce the burden. Specific details regarding the e-cigarette tax and new fees on taxis and ride-hailing services remain unclear, though previous proposals suggest a $1-per-ride charge. During his first term, Emanuel managed to avoid large-scale tax increases, opting instead for incremental adjustments that collectively equated to a 60% rise in property taxes for the average homeowner. Despite this, he successfully portrayed himself as a candidate who hadn't raised property, sales, or gas taxes during his tenure. However, Emanuel did not allocate funds for the substantial increase in police and fire pension payments mandated under legislation passed during Mayor Richard M. Daley's administration. These payments have now come due. This year, pension contributions total approximately $478 million. Next year, under current state law, they are expected to jump by $538 million. Emanuel is hopeful that Governor Bruce Rauner will sign a bill allowing for a more gradual phase-in of these higher payments, though legislative progress remains stalled. The proposed property tax increase would surpass any previous hikes, including the $79.9 million increase ($167.8 million adjusted for inflation) in 1987 under Mayor Harold Washington and the $86.5 million increase ($96 million adjusted) in 2008 under Mayor Daley. For several weeks, Emanuel has been engaging in confidential discussions with key advisors to strategize ways to meet pension obligations while reforming the city's borrowing practices. Many aldermen anticipated that a substantial property tax increase would play a central role in these efforts.

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