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Mayor Emanuel proposing record $500M property tax hike

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CHICAGO -- Mayor Emanuel’s proposed budget plan for next year includes a record property tax increase and other fee hikes, including a new garbage collection charge for households.

The total package could hit $500 million.  The money would go mostly to pension payments.

At a ceremony dedicating a new nature preserve on Northerly Island this morning, the mayor admitted he didn’t expect the final budget to include everything he’s proposing.   But he stressed it will eliminate the structural deficit and trim waste to meet the city’s financial obligations.

The tax increase would raise the overall tax bill on a $250,000 home by $470.

But that might not be all, Emanuel is also asking for permission for Chicago Public Schools to raise its tax bill by $50 million.