Chicago property owners brace for hefty tax hikes

Mayor Lori Lightfoot’s dark vision of the city’s 2021 budget deficit skyrocketing to $1.2 billion is frightening to the average homeowner who likely will have to dig deeper in 2021 to pay ever-increasing real estate tax bills. Earlier in 2020 the COVID-19 virus spiked the budget shortfall to nearly $800 million, and the mayor said the deficit would be filled using relief funds, federal dollars, debt refinancing, and borrowing. This bad news comes after homeowners scratched to pay the final installment of the largest property tax hike in Chicago’s history – $589 million phased in over the past four years to pay for pensions for the city’s police officers and firefighters. Analysts say Mayor Lightfoot now is considering a plan to save $200 million in 2021 by reducing the city’s work force of 31,000 full-time and 1,800 part-time employees through furloughs and layoffs. Since many city work