The city estimates the increases will generate $196 million in new revenues toward a proposed 2008 budget of $5.6 billion.
Daley's proposal calls for $108 million in new property taxes, $13.1 million worth of new liquor taxes, $19.5 million in lease taxes, $8.73 million in new parking fines and a 911 call surcharge expected to generate $48 million. Additional proposals include a 10-cent bottled water tax, water and sewer rate hikes, a business planning fee and the sale of some city land.
The property tax increase would mean a $100 per year increase for a
homeowner whose home has an assessed value of $250,000, according to Wendy Abrams of the Office of Budget and Management.
Daley also proposed dedicating some property tax revenues to library construction and renovation.
A press release from the mayor's office attributed the city's budget strains in part to housing market declines and a slowing national economy.