George is glad he doesn't live in Chicago city limits
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Lightfoot decides to tie property taxes to inflation.
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If Lightfoot decides to collect the full amount allowed under her annual tax formula, the tax increase would nearly quadruple in 2023 to $85.5 million, according to a Tribune analysis of the property tax levy and the mayor’s policy.
So Chicago only collects $20 million in property taxes now? That seems pretty low.
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@Mik said in George is glad he doesn't live in Chicago city limits:
I read $27.4B in 2019.
That would make an equal amount of no sense to me, but on the other side. That's way too high. I would think Chicago's Real Estate Tax would fall somewhere around $3 Billion. But again, from the article -
The city says this year’s $22.9 million increase — based on inflation rising 1.4% between December 2019 and December 2020 — cost the owner of a $250,000 home about $18 more per year. Those increases carry over every year and into the future. Lightfoot also raised property taxes another $25 million this year to help fund her capital spending plan, and assessed an additional $28.6 million in property taxes on new properties.
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@Mik edited his response with the link while I was posting, but the point from the original quote still stands.
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@Mik said in George is glad he doesn't live in Chicago city limits:
Typo on my part. It's 2.74.
And I misread the article. The $amounts listed are the expected increases, not the actual levies. I think the article could have been written a little clearer.
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