CHICAGO (WLS) — Mayor Brandon Johnson addressed concerns on Thursday about potential property tax increases as a solution to the approaching budget crisis, while making a significant budget promise.

He said he will not be asking for any increase in property taxes this fall.

ABC7 Chicago is now streaming 24/7. Click here to watch

On Wednesday, he mentioned it was premature to discuss property taxes as an approach to tackle the forecasted $1.2 billion deficit. Following some critical feedback from alders, the mayor is adopting a firm stance against raising property taxes.

While inaugurating a new mixed-income housing development on South State Street, Johnson emphasized addressing city budget concerns and dispelling worries that a property tax hike is unavoidable.

“Well, I would not be proposing a property tax increase in my budget. I’m going to continue to work hard to find progressive revenue,” Johnson said.

Raising property taxes has always been a hot-button topic. And last year, Johnson’s push for a $300 million increase failed in grand fashion.

But with the city facing a massive financial crisis, the question then becomes: How will the city balance its budget? The mayor is counting on unspecified progressive revenue ideas.

“There are a number of them. We’re still working through how we will get to a number that really reflects our values once that package is released, again, counting on City Council to stand firm in our ability to deliver for working people in Chicago,” Johnson said.

A budget working group made up of business, civic and labor leaders is looking at various cost-cutting and revenue ideas.

The mayor’s Budget Committee director says the city will have to look for efficiencies in all departments.

“One question that we have to ask ourselves deals with the level of municipal service that residents are accustomed to, and are we willing to make changes to that?” Ald. Jason Ervin said. “We just cannot continue to ask for revenue. We must look at the operations. We must become more efficient as a unit of government. We must utilize technology, must do all the things that everyone else is being forced to do. We just don’t get a blank checkbook.”

The mayor was asked if furloughs or layoffs are on the table.

“Well, it’s still too early to be able to outline if that will be the case, but I can say emphatically that our workforce is what makes our city strong,” Johnson said.

One alderman says the city is considering a tax on corporate payrolls that exceed $8 to $10 million, as well as a tax on advertisements that run on social media and other digital platforms.

“So again, the ultimate goal is to challenge those with means in this city, quite frankly, the state, to pay their fair share,” Johnson said.

The president of the Civic Federation says it’s time for city leaders to face the financial reality and get to work.

“We have to stop talking about who’s to blame. We have to stop talking about history as an excuse for bypassing responsibility right now. And we have to stop arguing about, you know, what the root causes are of all of this,” Joe Ferguson said.

Regardless of how the city raises revenue to balance the budget, it’s widely believed this will be a very difficult budget season.

“This is not about looking backwards. It’s about the progressive revenue that we are going to put forward,” Johnson said.