Daley calls for new and increased taxes

Chicago residents will face a host of new and increased taxes and fees next year to help offset the impact of a $217 million dollar deficit under proposals outlined by Mayor Richard  Daley today. 

The city estimates the increases will generate $196 million in new revenues toward a proposed 2008 budget of $5.6 billion.

Daley's proposal calls for $108 million in new property taxes, $13.1 million worth of new liquor taxes, $19.5 million in lease taxes, $8.73 million in new parking fines and a 911 call surcharge expected to generate $48 million. Additional proposals include a 10-cent bottled water tax, water and sewer rate hikes, a business planning fee and the sale of some city land.

The property tax increase would mean a $100 per year increase for a homeowner whose home has an assessed value of $250,000, according to Wendy Abrams of the Office of Budget and Management.

Daley also proposed dedicating some property tax revenues to library construction and renovation.

A press release from the mayor's office attributed the city's budget strains in part to housing market declines and a slowing national economy.

Discuss

RON, 10-11-2007

The city, county and state now all want to raise our taxes. Let's see, what party runs those three institutions? This is what you get when you live in a blue state. President George Bush lowered our taxes - remember that during the next election.