Chicago Public Schools is proposing a budget for 2012 that eliminates a $712 million budget gap by raising property taxes to the maximum levels allowed by law.
The budget, which totals $5.91 billion, also calls for cuts in central office, middle management and school staff, a reduction of the police presence on campuses, and redrawn bus routes.
If the proposed budget, unveiled Friday, is adopted it would mean a property tax hike would cost homeowners an extra $84 on a home assessed at $250,000. School officials say they expect the move will generate an additional $150 million.
CPS Chief Administrative Officer Tim Cawley says if property taxes aren't raised multiple other cuts would be needed.
The district has already announced plans to cut 1,000 teachers from the payroll next year.