Mayor Lori Lightfoot has presented her 2021 budget proposal for Chicago, it includes layoffs and property tax increase, Covid-19 put the city in a deficit of more than $1 billion Mayor Lightfoot's $12.8 billion budget plan, property taxes would increase by $94 million and the gas tax will increase by three cents a gallon. $94 million has to be raised through property taxes, the budget going forward will have a 2.3% increase to keep up with the Consumer Price Index.
For a home worth $250,000, the property tax increase translates into a $56 increase, while a $500,000 home the property tax would go up $120.