Alex Carlucci The Mortgage Expert,
Publish On: November 8, 2019
This ARTICLE On Chicago Property Tax Hikes Will Fund Most Of CTU Contract Settlement Was PUBLISHED On November 8th, 201
Here we go again Chicago.
- Chicago is the highest taxed city in the nation
- Chicago has the highest property tax in the U.S. Illinois has the second-highest property tax rates in the nation
- New Jersey is the state that leads to the highest property tax rate
- Illinois is expected to surpass New Jersey by late 2020 as the state with the highest property tax in the country
- Chicago has its own city tax among its taxpayers
- Property taxes in Chicago has been going up every year since the 2008 Great Recession
- Most of our viewers have heard about the Chicago Teacher’s Union strike
- The strike ended with a settlement between the CTU and Chicago Mayor Lori Lightfoot
- Where is the money coming from?
- It turns out Lightfoot will use Chicago Property Tax Hikes as the source to fund most of Chicago Teachers’ Union $1.5 billion contract
In this article, we will cover this breaking news on Chicago Property Tax Hikes Will Fund Most Of CTU Contract Settlement.
Chicago Property Tax Hikes Of $100 Million Needed
The only way Chicago Public Schools can pay the CTU Contract Settlement is by increasing its budget by $100 million a year and aid from the state of Illinois.
- Illinois can possibly pay and assist Chicago but only if J.B. Pritzker’s graduated income tax gets passed and enacted
- Chicagoans, already paying the highest property taxes in the nation, now face an additional Chicago Property Tax Hikes in the coming year
City officials are all in agreement that property owners will definitely be on the hook to fund most of the CTU shortage on the $1.5 billion contract settlement.
