Pensions

Chicago taxes likely to increase for teacher pensions

Chicago property owners could face another tax hit for teacher pensions — but their aldermen would escape a difficult vote on the increase — under a historic new statewide school funding deal now headed to Gov. Bruce Rauner’s desk.

That “compromise” bill — approved by Illinois lawmakers this week — authorizes the appointed Chicago Board of Educati to impose a property-tax hike worth $125 million without any involvement from the elected city council.

The board of education plans to approve the increase, enabling the Chicago Public Schools to collect a total of $450 million in new state and local money authorized by the state legislation for the 2017-18 school year, school officials said.

This increase would amount to a 2.5 percent increase in the tax bill for an average Chicago homeowner. The owner of a home worth $200,000 would pay an additional $83 in property taxes, records show.

For more, check chicago.suntimes.com.

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