UDPATED: December 2, 2010 1:06 p.m.

CHICAGO (WBBM) – Mayor Daley is expressing alarm at Illinois House approved legislation officials say would mean a crippling property tax hike for city residents.

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The measure advancing in Springfield would change the way contributions are calculated for Police and Fire pensions. And, Chicago’s Chief Financial officer Eugene Saffold says, that would amount to horrendous news for homeowners by 2015

He says there would be a 60 percent increase in the property tax levy, amounting to some $500 million.

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The city’s first deputy commissioner for community development, Ellen Sahli, says such a steep tax hike could drive many homeowners to foreclosure. The administration is calling on the lawmakers to delay further action on the bill.

CHICAGO (WBBM) – The Daley Administration is expressing alarm at Illinois House approved legislation officials say would mean a crippling property tax hike for City residents.

The measure advancing in Springfield would change the way contributions are calculated for Police and Fire pensions. And, Chicago’s Chief Financial officer Eugene Saffold says, that would amount to horrendous news for homeowners by 2015

He says there would be a 60 percent increase in the property tax levy, amounting to some $500 million.

The city’s first deputy commissioner for community development, Ellen Sahli, says such a steep tax hike could drive many homeowners to foreclosure. The administration is calling on the lawmakers to delay further action on the bill.