How much could Chicago pension payments jack up your property tax bill? Try 30 percent

Crain's Chicago Business reports:

Even as Mayor Rahm Emanuel warns about a property tax hike of up to $250 million for the cash-strapped Chicago Public Schools, another big wave of increases likely is coming to rescue the pensions of police officers and firefighters.

A massive payment due to those retirement plans next year could drive up Chicago property taxes by more than 30 percent, according to a Crain's analysis. And if the current logjam in Springfield continues, it could be a lot worse.

Taxes on a $250,000 home would jump $224, assuming the city continues its current practice of using property taxes to fund nearly 73 percent of its contributions to the police and firefighter pension funds. For a $1 million home, taxes would climb $975. Businesses also would be hit hard because commercial real estate pays proportionately higher taxes than residences.

That $224 increase does not include potential property tax hikes by other governmental agencies, such as CPS, which Emanuel recently said could need a boost of $175 million to $250 million.

Sacrifices have to be made.... in Blue America.