CHICAGO — Mayor Lori Lightfoot announced Thursday there will not be an increase in property taxes next year.
Property taxes were set to rise with the consumer price index which would have produced dramatic hikes across the city.
In a statement Lightfoot said, “As our city continues to rebound from the pandemic, our revenues continue to improve helping us close the gap.”
The mayor said the 2023 budget is among the lowest at $128 million.
“This one-time relief keeps our city on the course we’ve set in our previous budgets; protecting tax payers, keeping our promises to workers pensions, and making historic investments in public safety, mental health and public health in general,” the statement said.
Lightfoot has announced this as good news, others are calling it a political stunt. Mayoral candidate Paul Vallas is among the critics.
“$876 million in increase property taxes, really the last 4 years during her administration, now of course facing a looming budget deficit post-election which by her own projections could be as great or greater than a billion dollars, it’s just financial mismanagement,” Vallas said.
While critics frown upon the sudden move, some applaud her for listening to constituents.
“I am happy that the mayor has finally come to her senses and finally listening to the people of Chicago,” said State Rep. Kam Buckner (D-Chicago). “When they say that they’re hurting, and they cannot take more taxes right now. Obviously, this is being done in and around election season so those of us who are looking at this more logical way believe that this is an election year stunt.”
Lightfoot is expected to detail this property tax hold on Monday during her annual budget address to the city council budget committee.