The biggest property tax in the city's history passed: What do you need to know?

  • The Chicago city council voted 35-15 in favor a $543 million property tax hike as a part of Emanuel's $7.8 billion fiscal 2016 budget
  • North side homeowners and homebuyers may be the most significantly impacted based on tax assessments
  • Low income renters may also face a harsh increase in home costs

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Mayor Rahm Emanuel proposed a $543 million property tax hike last month that would impact Chicago’s residents over the course of the next four years.