Chicago Public Schools Budget includes $130 Million in Added Property Tax Revenues
The Chicago Public School’s proposed budget for 2021 includes $3.2 billion in property tax revenue, a $130 million increase from last year, according to the Chicago Tribune.
The district’s property tax bite is an increase of 2.3%, the maximum allowed under the state’s tax cap law, which limits property tax hikes to the lower of 5% or the rate of inflation.
The proposed $8.4 billion budget, which also includes an anticipated infusion of federal assistance, will increase spending by more than half a billion dollars, the Tribune reports.
Illinois Legislature Paves Way for More Chicago Property Tax Hikes
Right before the start of the long 4th of July weekend, the Illinois Legislature passed and Governor Bruce Rauner signed into law a stopgap budget that provides a year of funding for the state’s public elementary and secondary schools and six months of financing for higher education, social service agencies, state operations and capital projects.
Chicago Public Schools (CPS), the clear winner in the deal, will receive $100 million of a $250 million statewide poverty grant targeted to low-income school districts. Who will pay for this? If you own a home in Cook County, it’s you and the only relief you have is to appeal your property taxes.