Chicago faces an $882.4 million budget gap for 2027, and Mayor Brandon Johnson is expected to present his budget proposal in mid-October 2026. He has not ruled out a property tax increase, while 29 City Council members have said they will not support one under any circumstances. For buyers closing this fall, the outcome affects future tax bills.
Last reviewed September 28, 2026 ยท Chicago First Time Home Buyer editorial team
At a glance
| 2027 budget gap | $882.4 million, down from $1.15 billion for 2026 |
| Budget proposal due | Mid-October 2026 |
| Mayor on property taxes | Has not ruled out an increase; favors taxing large firms and wealthy residents |
| Council opposition | 29 members signed a letter opposing a property tax increase and a corporate head tax |
| Recent precedent | The City Council unanimously rejected a $300 million property tax increase in 2024 |
| Gaps ahead | Projected $943 million in 2028 and more than $1 billion in 2029 |
Why it matters if you are buying
The City is one of several taxing bodies on a Chicago property tax bill. A change in the City’s levy would show up in future bills, not the ones due now.
- Ask for the home’s recent tax bills so you can see the current total.
- Budget for tax bills to change from year to year, and do not assume the seller’s bill will be yours.
- File for the Cook County Homeowner Exemption once you live there; it lowers the value your taxes are based on.
Common questions
Will Chicago raise property taxes in 2027?
It is not decided. The mayor has not ruled it out, and 29 council members have said they oppose it. The budget proposal is due in mid-October 2026.
Does this affect the bills due October 1, 2026?
No. The second installment due October 1 is for tax year 2025. City budget decisions for 2027 affect later bills.
For how property taxes fit into the cost of buying and owning, see what it costs to buy a home in Chicago and the Cook County Homeowner Exemption for new owners.