Mayor Lori Lightfoot’s New Year’s resolution for 2020 will be to plug the $838 million budget deficit she inherited, in part with a property tax increase.
Property taxes will go up a total of $65 million. There will be an $18 million increase to pay for Sunday library hours, and another $50 million that had already been approved, according to the Chicago Tribune. Aldermen approved a $32 million increase under then Mayor Rahm Emanuel to service debt and an additional roughly $15 million for new construction projects.
Lightfoot’s original plan for a real estate transfer tax was scuttled in November.
In addition to the increased property taxes, developers will also be charged a separate fee, according to Crain’s. Developers will have to shell out $1,500 when applying to build in the Lake Michigan and Lakefront Protection areas, according to the report. Any projects larger than 10,000 square feet will also be charged a “zoning review” fee.