-By Warner Todd Huston
Paul Kroenke wrote a great piece on the empty bravado of Mayor Richard Daley and his populist claims that he won’t raise property taxes. Kroenke pretty much shows that because of the tax zones that Daley has set up across the city, he really can’t raise property taxes even if he wanted to do so.
Back on October 14, Daley played the populist by claiming that he was ruling out property tax hikes.
“You can’t [raise property taxes] … That would hurt people tremendously,” Daley said.
“You can only take so much. People are being laid off on a daily basis. People are getting cut back. They don’t have the money anymore. Government has to look at itself and find out what they can live with and what are their priorities. Simple as that.”
Don’t you feel all warm and fuzzy inside already?
It’s not an easy story to relate because of how convoluted the legal situation is, but Kroenke does fairly well putting it all out there. What the final take seems to be is that Daley has created what are called Tax Increment Financing zones across 30% of the city where property taxes are frozen at current rates for a 24-year period so, as it turns out, he can’t raise property taxes there anyway.
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Mayor Daley’s Empty Property Tax Rhetoric”