The Chicago Board of Education voted 15-5 for a small increase to its property tax levy that will result in the collection of an additional $40 million.
The Chicago Sun-Times reports the school board approved a property tax increase in August, but the new increase will result in gathering 4.78% more in property taxes than last year. For a Chicago household with a $250,000 home, they will have to pay an additional $8 next year.
Roughly $25 million of the $40 million will be allocated for the district’s operating budget, with approximately $10 million going to teacher pensions and about $5.7 million set aside for special education transportation. Supporters of the increase said the district needed to use its revenue generating tools to cover costs, although opponents said residents cannot cover more tax increases.
“We have very few levers that we can pull in terms of what we can do to raise revenues,” said Acting Chief Financial Officer Wally Stock. “This isn’t going to alleviate all the pressure that we have going forward, but $25 million is no small amount of money, and it will help on some level.”
However, board member Angel Gutierrez opposed the tax hike, stating, “For them, another tax increase is not a budget line, it’s the difference between stability and displacement. You cannot keep funding the system on the backs of the same families who are already drowning.”
