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flag Chicago raises property taxes by 4.78% to address a $734M deficit, adding $8 annually for most homeowners.

flag The Chicago Board of Education approved a 4.78% property tax levy increase, generating about $40 million more than projected due to a 10% rise in the district’s tax base, with homeowners seeing an average $8 annual increase on a $250,000 home. flag The funds will support teacher pensions, special education transportation, and operating costs, though the district still faces a $734 million deficit, delayed tax collections, and $1.6 billion in short-term loans costing $220,000 daily in interest. flag While five board members opposed the hike, citing financial strain on residents and calling for deeper reforms, supporters argued it’s necessary to avoid service cuts amid ongoing fiscal pressures.

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