No property tax increase in Lightfoot's next Chicago budget

CHICAGO (WLS) -- Chicago Mayor Lori Lightfoot won't be recommending a property tax hike when she presents her official budget proposal to the City Council on Monday.

The mayor had previously announced plans for a 2.5% raise, but in a statement released Thursday said the city's revenues are exceeding estimates, allowing it to avoid the tax hike for the next fiscal year.

"I have heard from residents and businesses across our city that continue to recover from the pandemic and have supported this strong recovery in City's revenues," the mayor said in a statement. "This one time relief keeps our city on the course we've set in our previous budgets: protecting taxpayers, keeping our promises to workers on pensions, and making historic investments in public safety, mental health and public health in general and much more."