Chicago Board of Education increases CPS property tax levy to bring in an extra $25 million
The Chicago Board of Education on Monday voted to increase its property tax levy for next year to generate $25 million in new revenue for the Chicago Public Schools.
The board had already approved $232 million dollar property tax hike last summer, but an assessment determined that increase was slightly less than the maximum increase allowed by Illinois law, so the board voted Monday to amend their original property tax levy for the 2026 fiscal year.
Monday's vote brings the district's levy for next year to the legal limit.
While $25 million is a fraction of the CPS budget, it could be used to shore up the district's finances. Officials estimated the tax hike would mean an $8 increase in the property tax bill for a $250,000 home when next year's property taxes are collected in 2027.
The school board closed a $729 million budget deficit last summer by relying on cuts to central office staff and after school programs.