Paul Vallas and Brandon Johnson often talk about how to make the city more prosperous, but less about Chicago's existing financial challenges.
Mayoral candidates Brandon Johnson and Paul Vallas shake hands before a mayoral debate at the WGN television studios on March 21, 2023, in Chicago.
Mayoral candidate and former Chicago Public Schools CEO Paul Vallas arrives before accepting an endorsement from Black clergy leaders on March 19, 2023, at Providence Missionary Baptist Church in Auburn Gresham. Ralph Martire, a professor of public policy at Roosevelt University and executive director of the left-leaning Center for Tax and Budget Accountability, anticipates the next mayor will be in a similar boat. The center projects a deficit between $500 million and $600 million heading into 2024 — mirroring estimates in Lightfoot’s most recent budget forecast.
All of that leaves Chicago facing tough headwinds, with potential economic problems looming across the country. As mayor, Lightfoot generally avoided big property tax increases but still hiked the city’s levy — from $1.54 billion in her first budget to $1.73 billion in 2023 — to keep up with rising pension costs. Lightfoot also implemented a policy tying property tax increases to inflation, which she argued made practical sense for both the city and taxpayers, eliminating the need for massive hikes while providing consistent pension funding.
The latter proposal would likely need authorization from state legislators, making it a long shot. Vallas counters it would drive away business. While head tax proposals are “typically not super onerous,” Worthington said it could create problems. Vallas has also promised tax relief and often talks about working with the state legislature to cap property tax increases on individual properties. That proposal would likely require substantive changes to state and county laws, experts say, and could result in other property taxpayers shouldering a higher burden. Should that not work, Vallas has said he would implement a city tax rebate program.
That idea would also likely need state approval: Revenues from the Chicago casino are expressly dedicated to funding police and fire pensions.
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