CPS proposes property tax hike to fix budget problems

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The Chicago Public School board wants higher taxes to balance its budget problems.

The board is proposing a 1.5 percent property tax hike to generate $89 million for CPS.

That breaks down to an extra $51 for a $230,000 home.

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

CPS has already fired nearly 3,000 workers and closed 49 schools.

The board and Mayor Emanuel are blaming state lawmakers for the city’s financial woes.

The school board is scheduled to vote on the budget in August.

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