01/20/2014 03:55 pm ET Updated Jan 25, 2014

Looming Pension Payment Could Drive City Taxes To Highest In U.S.


It's possible that Chicken Little was right.

Next year, Chicago must come up with a state-mandated $590 million increase in its contribution to police and fire pension funds. A Crain's analysis of the city's tax and budget options shows that payment could lead to the highest commercial property tax rate in the nation and still leave the city needing to make millions of dollars in spending cuts that could decimate many services.

Read more on Crain's Chicago Business