Mayor Lori Lightfoot with CPS CEO Janice Jackson, Ald. Michael Scott Jr. (24th) and Ald. Chris Taliaferro (29th).

Aldermen across the political spectrum breathed a sigh of relief Wednesday as Mayor Lori Lightfoot unveiled an $11.6 billion spending plan for 2020 that does not ask them to hike taxes on Chicago property owners to fill the city’s $838 million budget deficit.

Instead, Lightfoot’s plan calls for the city to cut $537.6 million while raising a host of taxes and fees to generate $352.2 million. But $50 million in new revenue relies on state lawmakers allowing the city to change the way it taxes  property sales. That proposal would offer relief for those who sell homes for less than $500,000, while increasing the tax on the sale of more expensive properties.

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