Chicago homeowners are likely to see average property tax bills rise between $72 and $180 based on the city’s new budget. Higher taxes are driven by $47 billion in pension debt, but pension reform can change that.
The Windy City tied with four other major cities as imposing the nation’s second highest sales tax on residents among 124 considered. The report warns the city’s new status could be costing Chicago businesses their competitive edge.
Illinois is again delaying the sale of the Thompson Center state office building in Chicago, which was neglected until the state could no longer afford to fix it. The state’s new delay is to take advantage of zoning changes and in the hope office space prices rebound.
The minimum wage for residents working in Chicago and Cook County is increasing July 1. Research suggests the rise in wage rates will benefit the working Chicagoans at the expense of the city’s vulnerable unemployed.