Ok since Chicago won the olympic bid, if it wins the global bid, will my taxes go up being a chicago resident?

Question

I'm just asking the question because I'm curious if the cost of this event gets passed on to the tax payers. Dont get me wrong I am sooooooooo excited to have won this and proud to be a chicago resident. I'm just curious to know the answer.

Answer 1

Not likely there should be enough corporate money to get the job done if its in Chicago. Any costs to the public will be for infrastructure so you might see some increase but not much.

Answer 2

Will your taxes go up? Is Richie Daley a Democrat? Of course they will go up.

But it's unlikely that they will go up directly as a result of Olympic expenses. The Olympic Village will make some Daley crony a billion dollars; advance sales of the condos will pay for the development, and the buyers will just have to move in a month after the Olympics. The Park District and/or one of the universities will get a world class pool. Rebuilding a new harbor for boating events will just result in boaters paying more to moor their boats there. The Olympic Stadium will have plenty of sponsors.

The likely tax increase will come from the infrastructure improvements which will occur which would be desireable whether or not the Olympics come to Chicago. The METRA electric will get rebuilt stations and new equipment, as it runs along most of the Olympic venues and will be very visible. The RTA will get more money, whether tax increases or fare increases, to improve service and equipment. Some roadwork might be done sooner than originally planned to make things prettier for the Olympics. O'Hare expansion will accelerate, and perhaps the long discussed Eastern Will County Airport will suddenly happen to aid in transportation concerns. Parks, museums and other recreational facilities will get facelifts. The things your tax dollars will directly go to will benefit the residents of the City and State; they just might happen a little faster because of the Olympics.

The one thing I think Daley failed to think about in advance was done years ago. If he wanted an Olympics, he should have thought about it prior to rebuilding Soldier Field. The Bears should be playing in a state of the art retractable dome stadium (gasp, a dome?) built as part of McCormick Place. The retractable dome stadium could have been used for any number of events, not just the Bears & the Olympics but conventions. And then Soldier Field could have received the $300 million renovation for the opening and closing ceremonies: with a little effort, it could have been turned back into a 80 - 100,000 seat stadium like it was prior to the Bears moving in (cut out the north endzone seats, go back to the old horseshoe configuration). Then the City really would have gotten its money's worth.

Answer 3

Your income taxes won't go up, but your property tax almost certainly will. I would expect the sales tax to go up as well. A lot of construction will go on over the next 7-9 years if Chicago gets the Olympics. Not only in the form of the venues like the Olympic Stadium and Olympic Village, but infrastructure updates to the highways and rapid transit system will almost be mandatory. The city needs to pay for that, and private donations probably won't be enough to cover the costs. The taxpayers will be footing the bill for years to come.

Answer 4

Hard to say how much property taxes will go up , but I expect the city will use bonds to fund the Olympics and grant tax breaks. Don't forget private funding will cover the vast majority of costs they will us the 1984 LA model the most profitable games.

Mitt Romney built his whole political career on turning around the 2002 Salt Lake City games again they earned a profit. Sure people will howl about the commercialism, but it is what funds the games so your taxes don't go up. In the end Chicago will probally end up with a surplus just don't expect to get a check in the mail.

Answer 5

they're reportedly accomplished surveys that say maximum of the persons of Chicagoans suport the bid, yet i do no longer have faith it. i've got basically talked to three people who choose it here. the rest might rather the city shelter the crime, the CTA, the streets (potholes are taking on), and so on. the city claimed on the beginning up that no public funds could be used yet that went away quickly while they went to Spain to make the formal bid and the IOC advised them they had to assure that they might get their funds and the city finally had to assert, ok, we've some public funds that we are going to positioned up. plenty for that malarky. that's no longer basically a Chicago element. a super style of the persons in Vancouver did no longer choose the imminent wintry climate Olympics occurring in spite of the undeniable fact that this is a accomplished deal. if fact be told, maximum bids via modern cities are looking a super style of public opposition, particulary considering that no longer a super style of cities have made a earnings from it and intensely some are nonetheless procuring it. Daley and his pals declare that the Olympics will make Chicago a "worldwide type city", yet i theory that's what Millennium Park, the MCA, the artwork Institute, the museums, the procuring on Michigan Ave, and so on. substitute into meant to do. They declare that the housing left via the Olympics will take transport of to low earnings families yet they have been attempting to discover a thank you to enhance house housing alongside the southern area of the lake for YEARS and now they have it. Hell, they';re even tearing down a public swimming pool to construct...a swimming pool. And with Chicago's music checklist of corruption and kickbacks (fake minority-owned companies, un-bid contracts pushed via like the parking meters, and so on.), what makes every physique element the regular public will actual see any of that funds. look at Millennium Park. That eating place there is on public land yet via some backdoor deal they pay NO taxes to the city, they get their rubbish hauled away loose and the city doesn';t get a dime. And we could no longer get into the whole crime concern. Hell, the city can no longer shelter highway gangs and that they think of they'd cope with attainable terrorist activity? So, yeah, approximately those Olympics...

Answer 6

the cost to host the Olympics is enormous, and the city does not have any profit, so yes you will be paying for it one way or another. When Dallas was trying to get the 2012 Olympics one of the organizers from Atalanta came to a town hall meeting and was explaining the costs to the city that don't show up on the official bill, and the fact that the city did not make any money from the events.

Answer 7

taxes always go up in Chicago and we wil find out in Oct 09 if we do get the bid..they just have the bid to be the Host City for the US

Answer 8

The official story is that taxes won't be raised. The 'official' story.

Answer 9

Absolutely not; that is such rubbish. Where did you hear that?? Congrats to our city!!Xx