CPS Board approves tax increase

August 27, 2009 1:41:56 PM PDT
Chicago home owners will see an increase on their next property tax bill.The Chicago Public School Board approved a 1.5 percent increase in the schools portion of the property tax bill, amounting to an additional $18 a year in taxes for a home worth $262,000, the median price in the city.

The increase will appear in the next property tax bill in November.

In addition to the tax hike, CPS plans to cut personnel to save $100 million.