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Chicago City Council approves budget significantly raising property taxes

The Chicago City Council on Oct. 28 approved Mayor Rahm Emanuel’s spending plan and proposed revenue package for the 2016 fiscal year that runs from Jan. 1 through Dec. 31, 2016. The $7.84 billion budget provides a substantial increase in property taxes and “revenue enhancements” that include new or increased fees on ride-share providers and taxis, a solid waste removal fee, a tax on e-cigarettes and increases to numerous building permit fees. Also, the budget amends the city’s personal property lease transaction tax and amusement tax that apply to certain cloud computing transactions.

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