Mayor Brandon Johnson is now proposing hiking Chicago property taxes by $150 million, down from his original $300 million recommendation for 2025 that was unanimously struck down by the City Council last week.

Mayoral aides and some Council members have agreed to cut the proposed increase in half as talks continue. The largest chunk of new revenue — $128 million — will come from raising the personal property lease tax on cloud computing to 11%.

Members of the City Council say they want to see further reductions to the mayor's initial $300 million property tax hike before signing off on a 2025 budget.