Chicago to Get Even Higher Property Taxes

The Chicago Sun-Times reports:

Five months after getting hit with the largest property tax increase in Chicago history, homeowners and businesses are facing another $40 million increase -- this one for the Chicago Public Schools.

The $60 billion state budget approved by the Illinois General Assembly late Saturday gives the Board of Education $83 million to reduce its operating budget and $29.7 million in capital funding to build and renovate schools.

That means there's a $97 million gap that must be closed, either by dipping even further into a $400 million reserve fund, reducing expenses or by raising property taxes yet again.

Eleven times in the last 13 years, Mayor Daley has given the Board of Education the green light to raise property taxes to the maximum allowed by a state-imposed cap. This year, the cap allows for a $40 million increase.

Chicago is second to none when it comes to taxing:even in an economic slowdown.These are the values of Barack Obama and the Cook County Democratic Machine.