Chicago Mayor Brandon Johnson rules out property tax increase in 2026 despite $1.2B budget shortfall

CHICAGO (WGN) — Mayor Brandon Johnson addressed members of the media Friday for the first time since announcing he won’t propose a property tax increase next year for Chicago homeowners.

Johnson spoke about his decision Friday on WGN Morning News. He says he’s looking for other sources of progressive revenue to address the city’s $1.2 billion budget deficit. 

“We’re going to work to build the safest, most affordable big city in America. We’re going to create a budget that reflects our values, and we’re not going to balance that budget off the backs of working people,” Johnson said.

Just hours later, the mayor shared similar remarks at an event in the 49th Ward.

 “We’re going to find and work with the city council to come up with progressive revenue ideas. I have a number of them, and we’re going to receive that collective proposals,” Johnson said.

Last year, Johnson proposed a $300 million property tax hike, saying he’d have to break a promise he made during his campaign to prevent drastic cuts to city services and jobs.

The proposal was rejected by the city council.

Where all the money would come from for Johnson to keep the city running in 2026 remains uncertain. Property taxes are among the city’s largest sources of revenue. Earlier, Johnson did not rule out asking Gov. JB Pritzker for help. 

“Our teams are constantly working together to come up with solutions, and it’s not just the state of Illinois. It’s working with our county board president, working with our congressional delegation,” Johnson said.

Johnson also hinted at a tax on the area’s wealthiest people and corporations to help fill the gap.

“We’re going to look at everything, but the most important thing that we have to focus on is that we have the ultra-rich in this city, in this state, that have not put enough skin in the game,” Johnson said. “And when we look at budget deficits across the country, we’re seeing a stronger call for the wealthy to actually pay their fair share.”

The mayor also spoke to WGN about Chicago Public Schools and its budget shortfall.

He says he hopes the city and state can work together to ensure school services like counselors and social workers aren’t hindered because of the economic challenges they’re facing.