In a typical year, approximately 3% of property owners do not pay their taxes, according to Chicago officials. But in 2021, a projected 10% of property owners won’t pay their tax bills, which would cost the city $65.2 million.
Jennie Huang Bennett
Mayor Lori Lightfoot said the plan she sends to the Chicago City Council will not count on the federal government sending additional relief funds to the city.
Several aldermen on Friday urged Chicago’s chief financial officer to dip into the city’s $900 million savings account to wipe out the massive budget shortfall caused by the coronavirus pandemic.
Chicago’s chief financial officer warned aldermen Monday that taxing big firms and financial transactions would not help dig the city out of a massive budget hole caused by the coronavirus pandemic.
