CPS proposes property tax hike to help budget

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The Chicago Public School Board announced a 1.5 percent property tax hike  proposal today in hopes of helping balance its bleak budget problems.

The increase will bring in an additional $89 million for CPS. CPS claims the tax increase comes out to an additional $51 for a $230,000 home.

The city will also dip into its $700 million reserves.

CPS has already fired 3,000 teachers and staff and closed roughly 50 schools.

The board and Mayor Emanuel are blaming Springfield legislators for their financial woes in Chicago. They say the tax is a temporary fix until Springfield cleans up pension problems overwhelming the rest of the system.

The vote by the school board takes place in August.

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