CHICAGO -- On Tuesday Mayor Rahm Emanuel is set to lay out his 2016 budget, during which he’s expected to reveal a $543 million property tax increase phased in over four years.
The proposed property tax will be dedicated to fund police and fire pension obligations.
Emanuel is also planning to extend a $45 million levy for Chicago Public Schools, as well as introduce a new $9.50 monthly garbage pickup fee and fare increases for taxis and ride-share companies.
But it's the property tax hike that has the city’s progressive caucus concerned. On Monday they introduced a new "rebate ordinance" they say would offset it. Residents would qualify for up to $400 back if they fall within a certain income level.
A single person making under $47,000 would be eligible. A family of two must make below $63,000, and family of four $97,000.