Chicago City Council May 26th, 2021
Referred to Committee on Budget and Government Operations
ORDINANCE
WHEREAS, Many City residents, families, and taxpayers continue contending with severely challenging financial straits due to ongoing constraints in the regional economy; and
WHEREAS, It is appropriate and right that the adverse consequences of tax policy on many of the City's neighborhoods and communities be given due consideration and weight; and
WHEREAS, The regional economy is not so elastic that it can continue to absorb tax increases without undue negative effects on the economy in general and certain neighborhoods and communities in particular, absent greater input and involvement of all relevant parties; and
WHEREAS, It is appropriate and right that the City officials tighten their civic budgetary belts in the same manner that City residents, families, and taxpayers continue to tighten their own domestic budgetary belts; and
WHEREAS, It is appropriate and right that City officials, in shaping tax and spending policy, more broadly consider the input of more of the City's neighborhoods and communities; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The Municipal Code of Chicago is hereby amended by adding the underscored text as follows:
3-92-010 Chapter title.
This chapter shall be known and may be cited as the Chicago property tax,. municipal tax, and budget limitations ordinance.
(Omitted text is unaffected by this ordinance)
3-92-030 Limitations on property taxes, municipal taxes, and appropriations.
(a) The city shall not certify to the county clerks of Cook and DuPage Counties an aggregate levy in one year that exceeds the aggregate levy of the prior year by more than the lesser of (a) five percent; or (b) the percentage increase in the annualized Consumer Price Index during the 12-month period most recently announced preceding the filing of the preliminary budget estimate report. Such
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