Chicagoans can expect to pay more money in taxes, fines and fees in 2014. Residents will see increases in property and amusement taxes, driving fees and parking violations. The increases come from an agreement reached between Chicago Mayor Rahm Emanuel, the City Council and Chicago Public Schools to pay for failing infrastructure and unfunded school programs.
The biggest hit residents will take comes from an increase in property taxes and higher water and sewer fines. Property owners will get hit with higher school taxes for the third year in a row. Owners will also face a 15 percent increase in water rates to pay for the replacement of aging mains.
Other tax hikes include an increase of 50 cents per pack to the city cigarette tax and a 50 percent increment in amusement taxes on cable tv.
Drivers are also expected to pay more money in fines. New fines of $100 for driving 11 mph and more over the limit and $35 for driving 10 mph over the limit near schools and parks have been set in place. Three parking violation fines also will increase by $50 — to $250 for parking in a disabled spot, to $150 for parking too close to a fire hydrant and to $75 for parking a truck, recreational vehicle, bus or taxi on a residential street.
The increment in property taxes is expected to raise $93 million for CPS. City officials believe that the new fines for Chicagoans driving over the speed limit will bring in an additional $70 million. Combined the new taxes, fines and fees are expected to bring in more than $195 million next year.