Overview

• Mayor Brandon Johnson said he will not propose any increase in property taxes this fall and plans to focus on alternative revenue ideas
• Earlier this week, CFO Jill Jaworski told Bloomberg that a property tax hike alongside cuts and new revenue measures would likely be part of the package to close the city’s deficit
• A mayoral working group of business, civic and labor leaders is set to deliver initial findings next month on progressive revenue streams, including service fees and wealth levies
• Chicago City Council aldermen remain opposed to property tax increases after a unanimous rejection of a $300 million hike for the 2025 budget, signaling a tough sell this fall
• Fitch and other ratings firms have flagged the lack of permanent, high-impact budget solutions as a credit risk that could raise the city’s borrowing costs