On Monday December 16, 2024, Chicago’s City Council passed the 2025 Budget with a 27-23 vote. In a last-minute change, the budget eliminated the proposed property tax hike, but the approved budget still includes a vast list of tax increases. Chicago residents should prepare for increases in parking fee tax by 3.25 percent, check-out bag tax by 3 cents and an amusement tax increase on streaming services, such as online games and audio streaming, of 1.25 percent. However, the biggest change comes with an increase on personal property lease tax from 9 to 11 percent. The property lease tax increase will affect equipment rentals, cloud computing services, and car rentals and is projected to raise $128 million in revenue. These tax increases are expected to take effect on January 01, 2025, with the exemption of the parking fee tax which is expected to take effect on January 06, 2025. (City of Chicago. “2025 Chicago City Budget.” Office of the City Clerk. https://chicityclerk.s3.us-west-2.amazonaws.com/s3fs-public-1/SO2024-0013671.pdf)