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Finance Committee Approves City's Property Tax Levy

CHICAGO (CBS) -- The City Council's Finance Committee quickly approved Chicago's property tax levy Monday, as it began a hearing for the proposed 2018 budget.

Samantha Fields, Chicago Budget Director, only fielded a couple of questions before aldermen voted for the property taxes, 64 percent of which will go towards reducing pension debt, she says.

"The proposed 2018 property tax levy captures $26 million from new property and recovered TIF [tax increment financing] increment from expired TIF districts, which is being used to support our libraries and pay outstanding debt.

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"Lastly, it is important to note, that beginning in the summer of 2018, Chicago's homeowners will see an increase in their homeowners exemption applied to their property tax bill."

After Mayor Rahm Emanuel's proposed 2018 budget was released, Bobby Otter, who's with the Center for Tax and Budget Accountability, said,"Kind of post-property tax increase, I think we're seeing less nickel and diming, because so much of that revenue that the city needed to help pay for the pensions is coming in through the property tax increases."

Ald. Joe Moore says it's important for residents, meaning voters, to understand everything that the tax levy supports.

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