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

Depending on your area of coverage, the tax hike may drastically impact your clientele
  • 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

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. On October 28, the city council voted 35-15 in favor of the hike as a part of Emanuel's $7.8 billion 2016 fiscal budget. The record-breaking property tax increase was said to be a last-ditch effort to pick the city up out of the mud and keep its residents safe. Starting January 1 and going until 2018, property taxes will increase for residents to cover state-mandated increases to pensions for police officers and firefighters. The news isn't the brightest for Chicago's residents, and even the politicians voting in favor of the increase did so with a must-do attitude. The city has been rated low on the totem poll by investment agencies like Moody's Investments Services and Fitch Ratings, but the tax hike is expected to help pull the city back into a positive light. According to a Chicago Tribune calculation, a residential pr...