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Chicago Board of Education Statement: Board Approves CPS’ Proposal to Amend Tax Levy, Takes Necessary Step to Secure Approximately $25 Million in Additional Revenue for FY2026

December 29, 2025

The Chicago Board of Education (Board) approved the Chicago Public Schools (CPS) proposal to amend the District’s property tax levy to its legal limit, which positions the District to secure approximately $25 million in additional revenue for FY2026.

Following Board approval of the FY2026 property tax levy in August, updated assessments showed remaining revenue allowable under the tax cap.

As a governing body with limited options for raising revenue, the tax levy represents 48% of revenue sources for the District. For more than a decade, the Board has approved the District’s recommendation to raise the property tax levy to the legal limit.

“Despite there being precedent for annually raising the property tax levy to the allowable limit under the tax cap, the Board made a deliberative effort to understand the impact this would have on the average homeowner versus the impact of foregoing our ability to bring in revenue to meet students’ needs,” said Chicago Board of Education President Sean B. Harden.

The tax levy amount for FY2026, which includes the approved amendment, represents a $188 million increase over last year.

Today’s approval comes on the heels of the District taking painstaking measures under Dr. King’s leadership to close a $730 million deficit. At the same time, the County’s modernization efforts have resulted in delayed disbursements to CPS and compounding interest from our lenders totaling over $33 million with more accruing daily.

The fiscal implications for the District, had the Board not approved today’s proposal, would have included losing revenue for the current year, as well as hundreds of millions of dollars in compounding lost revenue in future years that cannot be recaptured.