Chicago Approves $17.3 Billion Budget Without Property Tax Hike

In a pivotal move for Chicago’s financial future, the City Council narrowly approved Mayor Brandon Johnson’s $17.3 billion budget for 2025, omitting the contentious $68.5 million property tax hike initially included in his proposal. This decision comes after weeks of intense debate and mounting pressure from progressive and conservative factions within the city.

Just a month and a half ago, Mayor Johnson presented an alarming forecast: without a $300 million property tax hike, the city risked severe cuts to essential services and massive layoffs. This announcement met immediate resistance. Progressive allies expressed concern about exacerbating gentrification and displacing long-time residents already grappling with Chicago’s rising cost of living. Meanwhile, conservative alderpeople criticized the absence of significant cuts in the budget, arguing that raising taxes should be a last resort.

Faced with unanimous rejection, Johnson recalibrated his plan multiple times, first reducing the proposed hike to $150 million and later to $68.5 million. Even the scaled-back increases failed to garner sufficient support, prompting the mayor to abandon the property tax hike entirely less than 24 hours before the City Council’s final vote.