Chicago to weigh in on Emanuel's 2016 budget, property tax hike

CHICAGO (WLS) -- Chicago will get a chance to tell city leaders what they think about Mayor Rahm Emanuel's 2016 budget proposal at a public hearing on Wednesday.

The mayor presented his plan to City Council on Sept. 22, but it will be formally introduced on Wednesday. City Council members will meet and have a public hearing at 10 a.m. to discuss the proposed budget.

It's likely to be a contentious meeting, since the mayor's plan includes one of the biggest property tax hikes in city history.

The $543 million property tax increase would be phased in over a four-year period. The biggest hike would place this year. Only properties valued at $200,000 or less will be exempt from the increase.

The mayor said it's the only way to shore up the massive police and firefighter pension systems. But it won't be enough to take care of the city's entire unfunded pension crisis.

The mayor's budget director said a separate retirement system for municipal workers and laborers will remain billions of dollars underwater.

Other items in the mayor's proposed budget include new taxes on ride-sharing services and electronic cigarettes. It also includes a separate monthly fee for garbage pickup, which in the city has always been paid for the by property tax. The mayor also wants to sell Chicago's 311 center to a private operator as a way to save money.

City Council is expected to vote on the mayor's budget on Oct. 28.