Emanuel's pension deal would cost Chicago taxpayers much more than advertised

Crain's Chicago Business reports:

even as the unions gripe about reduced benefits their members would be forced to swallow, taxpayers, too, would be really clobbered.

Crain's and other outlets reported this morning that the city's property tax levy would go up $250 million over the next five years to pay for the deal. The figure came from briefings by city officials, officials who stuck with that figure even when repeatedly challenged.

But this morning, citing "confusion" amid a flurry of announcements and briefings, a city spokeswoman conceded that, in fact, the tax hike will be $750 million over five years.

Specifically, the city now says, the city's property tax levy will rise $50 million in 2015, and keep rising by an additional $50 million a year over the following four years. Thus, the city's gross property levy will be $50 million higher in fiscal 2015 than it is now, $100 million higher than now in 2016, and so forth, reaching a level $250 million higher than now in five years.

Thus, over the five years cumulatively, the city would pull in $750 million more for worker pensions than now. That's somewhat different from the $250 million tax hike over five years" that was widely reported today.

Bending down in Blue America: all for great public schools!