How Mayor’s possible property tax hike could affect homeowners

How Mayor’s possible property tax hike could affect homeowners
How Mayor’s possible property tax hike could affect homeowners

How Mayor’s possible property tax hike could affect homeowners

All the pressure will be on Chicago’s 50 aldermen when Mayor Rahm Emanuel formally introduces what could be the largest property tax increase in modern Chicago history as part of his budget plan. That’s because they will be the ones ultimately deciding whether to hit property owners with a bigger tax bill. The mayor says the property tax hike and other measures are necessary to keep the city afloat. The increase in property taxes could total between $450 million and $550 million and could impact the housing markets in both the city and the suburbs. Here to tell us and how Chicago fares when it comes to other municipalities in Cook County is Crain’s Chicago Business real estate reporter Dennis Rodkin. (Flickr/Ron Reiring)