June 27, 2012
Chicago Public Schools (CPS) today announced it will utilize its full property tax cap to help protect and maintain funding in critical initiatives that support student learning, such as class size, early childhood development, and the full school day, among others. The Board of Education’s (BOE) decision was driven in part by a loss of $114 million in both Federal and State funding and an estimated deficit of $600-$700 million for Fiscal Year 2013. Yesterday, the Cook County Clerk’s Office announced its annual report on property tax bills, which includes levies from local units of government that can impose a property tax.
"CPS must use every tool and dollar available to protect investments that provide students with a complete education and expands high quality choices for parents that preserves our commitment to class size, the full school day and early childhood development,” said Chicago Board of Education President David Vitale. “We don't take an increase lightly, but for $28 dollars a year, we believe that taxpayers will want to help protect and maintain funding for programs that support student growth and their success in the classroom."
CPS has the authority to raise the property tax cap to the Consumer Price Index (CPI) each year, which was established as 1.5 percent in December 2011, and equates to an additional $28 annually for the average Chicago homeowner (a home valued at $250,000). This action will generate an additional $41 million to protect investments that promote student growth and learning.
Chicago Public Schools serves 405,000 students in 675 schools. It is the nation’s third-largest school district.