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%.

Mayor Brandon Johnson is all but giving up on his proposed $300 million property tax hike before aldermen kill it, and pushing them to find other revenue in its place to avert layoffs. Johnson’s administration is combing over alternatives to the tax jump after members of the City Council scheduled a special meeting in the hopes of voting it down.

The City Council will take a vote Thursday on Mayor Brandon Johnson’s proposed $300 million property tax hike, announced when he unveiled his $17.3 billion city budget for 2025 last month. That means the mayor could make it official that he’s essentially giving up on his proposed property tax hike for city residents,