Chicagoans face another property tax increase in 2020

Chicago taxpayers face yet another property tax increase for police and fire pensions in 2020 - and another hike the following year in the tax tacked onto water and sewer bills to save the Municipal Employees pension fund, aldermen learned on the first day of City Council budget hearings.

Following five-year "ramp-up" periods, the additional increases will be needed to honor the city's statutory promise to keep all four city government pension funds on the road to 90 percent funding by 2048.

By the city's own estimate, police and fire pension costs will rise by $297.3 million, or 36 percent, in 2020. The Municipal and Laborers plan costs will grow by $330.4 million, or 50 percent, in 2022.

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