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Chicago Property Tax Hike

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Mayor Daley will once again raise property taxes to help fund schools.

The $55 million hike comes as Chicago Public Schools prepares to release its fiscal year 2007 budget.

District officials have been struggling to close a record $328 million deficit.

Earlier this week, they announced $25 million in administrative cuts, including the layoff of as many as 120 central office employees.

To continue the deficit reduction, the Board of Education will raise property taxes, instead of firing teachers or increasing class sizes in high schools.

Mayor Daley has given his blessing to the $55 million increase.

The hike means Chicago homeowners will pay an additional $11.50 for every $100,000 of assessed property value.

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