Illinois REALTORS® strongly opposes a proposal by Chicago Mayor Lori Lightfoot to push through a $93.9 million property tax increase to help offset the city’s budget deficit.

“Simply put, this is the wrong tax at the wrong time,” said Illinois REALTORS® Deputy CEO Jeff Baker. “Property owners already shoulder a disproportionate share of the burden of funding local governments and the proposal to hike property taxes in Chicago comes at a time when residential and commercial property owners can least afford it.”

Owners and renters alike will feel the pain of any increase in the property tax, let alone scheduled increases for each year. Property taxpayers in the city of Chicago not only pay the city’s property tax but also various other units of local government (i.e. Cook County, the public schools, the park district, the forest preserve, etc.). Overly burdensome property taxes are often cited as a primary driver of out-migration from the state of Illinois and this increase simply will add to that burden.

Illinois REALTORS® and its more than 50,000 members statewide are committed to protecting private property rights and promoting property ownership. REALTORS® recognize that taxation is a basic component of financing government services, but they also believe the cost should be equally distributed to all taxpayers and not just property owners.

Illinois already has the second highest property tax rates in the country, second only to New Jersey. During a pandemic when more people are struggling to pay their mortgages or rent, raising property taxes in Chicago only adds to that hardship, Baker said.

Illinois REALTORS® is a voluntary trade association whose members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the association works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.