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George A. Cardenas

Chicago mayor prepares large property tax hike

After watching for years as their city's financial troubles piled up, Chicago homeowners will be told this week that it's time for them to start paying the tab.

Mayor Rahm Emanuel is expected to propose a $543 million property tax increase on Tuesday to help eliminate pension debt, along with a schools tax for construction, according to details released late Monday by the administration.

Residents will also face more taxes and fees on garbage collection, ride-sharing services and e-cigarettes, all with the goal of easing a budget hole and repairing low credit ratings.

The steps would help reverse the city's financial slide but could dent Chicago's reputation for a...