City Council Finance Committee Holds Hearings On Mayor's Proposed Property Tax Increase
CHICAGO (CBS) -- The Chicago City Council's Finance Committee, has held hearings on Mayor Rahm Emanuel's planned $588-million tax property tax increase, reports WBBM Political Editor Craig Dellimore.
The hearings before the Finance Committee were a formality, making sure the more than half billion dollar property tax increase proposed for police and fire pensions is legal and proper.
Podcast
But speaking to City Budget Director Alexandra Holt, Committee Chair Ed Burke essentially said the aldermen must approve the tax hike.
"State law effectively leaves the City Council no choice but to levy an amount necessary to meet these pension obligations, is that not correct?" Burke asked Holt.
"Yes, state law does require that the city meet obligations to the police and fire pension funds and pay the amounts that are required under state law," Holt responded.
One uncertainty is whether the legislature will approve a doubling of the homestead exemption so some property owners will be shielded from the impact of the increase. Aldermen will vote on the budget before lawmakers can act on that exemption.
