Rahm Emanuel's hand picked Chicago Public School board Wednesday voted 7-0 to approve a 2.4 percent property tax increase to help fund an the ailing system.
It means that owners of homes valued at $250,000 will pony up an extra $84 per year to the city.
The increase will lead to $150 million in new revenue for the system, which began the year with a $712 million budget defecit.
Emanuel defended the hike earlier this month as a last resort, after his schools chief Jean Claude Brizard cut more than $400 million from administrative costs.
"I have no tolerance for an overblown bureaucracy, and I have no tolerance for inefficiency in the city budget and other agencies, and I'm glad they followed the cut-and-invest strategy. I think they've made the touch choices," the mayor said
"Before we actually we went to taxpayers, we did everything we could first to scrub as much as we could from central office, from back office operations [and] from everything we thought was not as essential to students," CPS CEO Jean-Claude Brizard said at a separate event Tuesday.