Property tax incentives
The Cook County Department of Planning and Development, which is within the Cook County Bureau of Economic Development, coordinates an array of property tax incentives, as outlined below, in cooperation with the Cook County Assessor's Office. These incentives encourage private business investment, employment, the revitalization of properties and rehabilitation of landmark buildings. These initiatives assist businesses by reducing the assessment level over a designated period of time.
NOTE: All property tax incentive applications must have the support and consent of the municipality in order to be considered.
Class 6b
- Property must be used for industrial purposes, and the project must involve new construction, substantial rehabilitation or the re-occupancy of abandoned property
- Approved property will be assessed at 10 percent for 10 years, 15 percent for the 11th year and 20 percent for the 12th year (standard assessment rate is 25 percent)
- Incentive is renewable
Classes 6b and 8 - Sustainable Emergency Relief (SER) Program
- Applicable to long-term industrial tenants in Cook County for 10 years
- Must demonstrate evidence of economic hardship
- Age of facility must be documented
- Property must be in an area that demonstrates higher-than-normal industrial vacancy
- Approved property will be assessed at 10 percent for 10 years, 15 percent for the 11th year and 20 percent for the 12th year
- Incentive is renewable
Classes 6b and 8 - Temporary Emergency Economic Recovery Modification (TEERM)
- Reduces vacancy period from 24 months to 12 months for properties that have been 100-percent vacant with the same ownership
- Approved property will be assessed at 10 percent for 10 years, 15 percent for the 11th year and 20 percent for the 12th year
Class 7a and b
- Property must be used for commercial purposes and the project must involve new construction, substantial rehabilitation or the re-occupancy of abandoned property
- 7a = projects less than $2 million
- 7b = projects more than $2 million
- Approved property will be assessed at 10 percent for 10 years, 15 percent for the 11th year and 20 percent for the 12th year (standard assessment rate is 25 percent)
- Both these incentives are renewable
Class 7d
- Property must be used for development of a grocery store in a food desert, as defined by the Illinois Department of Public Health
- Approved property will be assessed at 10 percent for 10 years, 15 percent for the 11th year and 20 percent for the 12th year (standard assessment rate is 25 percent)
- Incentive is renewable
Class 8a MICRO
- Property must be used by a business that is certified by the State of Illinois' MICRO Act
- Property must be in a municipally designated MICRO area
- Property must be used for either commercial or industrial purposes, and must involve new construction, substantial rehabilitation or the re-occupancy of abandoned property
- Approved property will be assessed at 10 percent for 30 years (standard assessment rate is 25 percent)
- Incentive is not renewable
Questions?
For more information, email Cook County Bureau of Economic Development public relations specialist Kyle Garmes at kyle.garmes@cookcountyil.gov.