Mayor takes questions after proposing $300 million property tax hike | Full Coverage

CHICAGO (CBS) -- Mayor Brandon Johnson is proposing a $300 million property tax hike in 2025, going back on a key campaign promise, as he seeks to close a massive budget shortfall of nearly $1 billion.
This summer, Johnson projected a $982 million budget gap for next year, and later delayed his annual budget address by two weeks as his budget team worked on solutions. He is now proposing a $300 million property tax hike to help balance the budget for next year.
"This is tough. It is. It is something that I grappled with for weeks and weeks. We didn't take this decision lightly. I directed my budget team to look at all options at closing this budget gap, and when it came down to either mass layoffs, curbing vital city services, or an increase in property taxes, I would certainly much rather tax the rich, but I did have to make the choice to increase our property taxes," Johnson said in his budget address to the City Council on Wednesday. The mayor was referring to his failed bid earlier this to increase the transfer tax on million-dollar homes in order to raise more money for the fight against homelessness.
Johnson campaigned on a promise not to raise property taxes, saying in a campaign ad, "I'm the only candidate for mayor who won't raise your property taxes."
But the mayor now says he was left with no choice, given the city's massive budget shortfall, saying the alternative would be to seek a major reduction in city jobs and services.
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