Mayor Rahm’s Next Move: A $543 Million Property Tax Hike

[Originally published by Forbes]

 

By year’s end, the city of Chicago must produce $550 million to pay into its police and fire pension funds. Given the inability to reform these retirement systems, Mayor Rahm Emanuel must raise about this much through taxes, fees and fines to avoid another downgrade. This morning, he told city council how he planned to do it–through the city’s largest-ever property tax increase…[read the rest at Forbes]