Average Chicago homeowner to pay $110 more in property taxes this year – Chicago Tribune

The owner of a home in the city determined to be worth $224,500 will pay a bit more than $4,100 in total taxes this year — an increase of about $110, or 2.75 percent more than last year. That same homeowner last year saw an increase of $363, which was a 10 percent hike. The rising tax bills in both years were primarily the result of Mayor Rahm Emanuel increasing property taxes to shore up pension funds for city workers and public school teachers.

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.

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