Let’s ease property tax burden by fixing tax-increment financing

Public anger over tax increment financing and how the money generated by TIF districts is used is nothing new. (Sun-Times file photo)

Soaring prices for food, gas and other household items coupled with annual holiday spending put additional financial pressure on so many of us as we headed into the final weeks of the year. That’s why the recent spikes in property tax bills, which rose 6.6% across Chicago, were especially unwelcome for so many Chicagoans.

Studies show one reason for the increase: the uneven tax burden across the city and Cook County. In the 2021 reassessment, the increase in downtown assessments was offset by other assessment decreases. Chicagoans were caught in the middle.