Crain's Chicago Business reports:
Amid a torrent of bad financial news, many members of the Chicago City Council recognize that a property tax hike is needed to help fix the city's pension problem, perhaps $250 million or more.
That would be a 32.3 percent increase over the $774.4 million property tax levy in 2014, which is being collected this year, according to figures compiled by the Cook County Clerk's office, which tracks property taxes.
There's more taxes being considered by the one party regime:
“All 50 of us know the situation that we are in,” said Ald, Joe Moreno, who represents the 1st Ward on the Near Northwest Side.
With the possibility of a big property tax hike looming, the Emanuel administration solicited ideas from the council on ways to cut costs or raise revenue. Some suggested charging for residential garbage collection, bringing video poker to the city and taxing rides with taxis and ride-sharing companies. Moreno has proposed taxing smokeless tobacco, which he says could produce $25 million to $30 million in tax dollars annually while promoting better health.
Can the news get worse from Chicago? Yes.
Support for a city income tax as an alternative to a property tax hike is growing, says Ald. Roderick Sawyer, who represents the 6th Ward on the South Side.
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