Brandon Johnson cuts property tax hike in half with latest budget proposal
CHICAGO - Chicago Mayor Brandon Johnson laid out his latest 2025 budget proposal for Chicago Tuesday, which includes a $150 million property tax hike.
Johnson said he wanted to cut his previously proposed $300 million property tax hike in half. The owner of a $500,000 property in Chicago would save about $240 a year compared to the mayor's initial proposal.
To make up for the difference, Johnson's new plan features a $128 million tax increase for cloud computing services, and a $10 million tax increase on streaming services such Netflix.
"Proposals are just that," Johnson said. "It gives us an opportunity to dig a little bit deeper, to see where there are opportunities where we can continue to make critical investments, while also responding to the structural damage that I inherited. I believe that the mistake would be if we didn't have a collaborative approach that allowed for multiple voices to weigh in."
Some City Council members have said they have not included in these negotiations, and they will not sign on unless property tax increase is eliminated completely. There is a possibility the final package could accomplish that, but revenue would have to be found from other places. Johnson has said he will not lay off any city workers or institute any furloughs.
Last week, City Council dealt a major blow to the mayor and his property tax hike plans by voting unanimously against it.
On Tuesday, City Council members were in budget hearings, which for the next several weeks before a final vote is expected before the end of the year.
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