Chicago Finance Committee Advances $69 Million Property-Tax Hike.

Chicago's finance committee has approved a $68.5 million property-tax increase proposed by Mayor Brandon Johnson to address the city's nearly $1 billion deficit and pass the 2025 budget on time. Johnson is working to secure enough votes from the city council to pass the budget by the December 31 deadline, facing disagreements over how to close the gap without cutting jobs or services. The rejection of a previous $300 million property-tax hike proposal has led to negotiations for alternative revenue measures, drawing opposition from the business community and scrutiny from rating firms like S&P Global Ratings. [Extracted from the article]