The Chicago City Council has approved the 2025 budget, which avoids a controversial $68 million property tax increase but introduces a range of new taxes and fees to close a $1 billion funding gap.
While Chicago's 2025 budget doesn't include a $68 million property tax increase, it comes with a bundle of taxes and fees designed to bridge a billion-dollar budget gap. Ald. Brian Hopkins, who opposed the $17 billion deal, said Mayor Brandon Johnson may have not raised the property tax, but he raised about every other tax during the long-delayed vote on the 2025 Chicago budget. According to some alders, the final version of the plan arrived in their e-mail boxes around 1:15 a.m. Monday.
It did not include the $68 million property tax increase they said would have soured the deal. Instead, it included a bundle of taxes and fees designed to bridge a billion-dollar budget gap. A parking rate tax increase, from 22% to 23.25%, that will raise more than $13 million. An amusement tax increase aimed at streaming services and cable TV, up from 9% to 10.25%, that will raise another $13 million. But the big one, according to some alders, is an increase on personal property leases that will bring in a whopping $128 million. That's almost half of what the original property tax increase would have raised. 'Here is the good thing about this budget,' Johnson said. 'We made critical investments that the people of Chicago have been calling for.' Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly He stressed that the budget includes no property tax increase and no cuts to jobs or city services. But he said he is not giving up on seeking other 'progressive revenue' streams that could include city income taxes. Ald. Scott Waguespack of the 32nd Ward said the budget increases will affect everybody. He also said the budget does nothing to address structural problems with Chicago finances. 'Time after time, I hear from people saying taxes just got ridiculous,' he said. 'Those are two things we can do something about.
CHICAGO BUDGET TAXES FEES FINANCES
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Anchorage Assembly passes 2025 Municipal BudgetThe Anchorage Assembly unanimously passed the 2025 city budget proposed by Mayor Suzanne LaFrance’s administration Tuesday night. The general government budget came in at just under $639 million, according to the Municipality Office of Management and Budget.
Read more »
Anchorage Assembly unanimously passes Mayor LaFrance’s 2025 budgetThe Anchorage Assembly unanimously passed the 2025 city budget proposed by Mayor Suzanne LaFrance’s administration Tuesday night.
Read more »
Chicago's 2025 Budget Avoids Property Tax Hike But Levies New FeesChicago's 2025 budget, approved after a long delay, avoids a $68 million property tax increase but implements a range of new taxes and fees to close a $1 billion budget gap. While Mayor Johnson celebrates the budget's lack of property tax hikes and service cuts, some aldermen express concerns about the impact of the new fees on residents and the lack of solutions to Chicago's long-term financial challenges.
Read more »
Amid chaos, City Council moves to recess without vote on Chicago's 2025 budgetAs the deadline looms, Chicago Mayor Brandon Johnson has called off Friday's already delayed, final vote on the city's 2025 budget proposal, which was set to…
Read more »
Chicago alderperson: Johnson doesn't have the votes to pass 2025 city budgetThe Chicago City Council is set to vote on Mayor Brandon Johnson's budget proposal Friday after the city's budget committee narrowly approved it on Tuesday.
Read more »
Chicago City Council panels weigh 2025 budget plan with smaller property tax hikeThe city’s Budget and Finance committees were meeting on Wednesday to comb through the latest proposal aimed at closing a nearly $1 billion budget gap.
Read more »