Property tax incentives

Service Information

The Cook County Department of Planning and Development, which is within the Bureau of Economic Development, coordinates an array of tax incentives as outlined below in cooperation with the Cook County Assessor. 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. 

All tax incentive applications must have the support and consent of the municipality in order to be considered.  

Class 6b  

  • Properties must be used for industrial purposes and the project must involve new construction, substantial rehabilitation, or the re-occupancy of abandoned industrial property
  • Qualifying properties can apply to receive a 12-year reduction in real estate assessments from the standard commercial assessment rate of 25%

Classes 6b and 8 - Sustainable Emergency Relief (SER) Program 

  • Approved by the Cook County Board in July 2013
  • Applicable to long-term industrial tenants in Cook County for 10 years
  • Demonstrate evidence of economic hardship
  • Age of facility documented
  • Area that demonstrates higher than normal industrial vacancy
  • Qualified properties will be assessed at 10% for 10 years, 15% for the 11th year and 20% for the 12th year
  • Applicants need approval from the municipality prior to submittal

Classes 6b and 8 - Temporary Emergency Economic Recovery Modification (TEERM)

  • Approved by the Cook County Board in July 2013
  • Reduces vacancy period from 24 months to 12 months for properties that have been 100% vacant with the same ownership
  • Qualified properties will be assessed at 10% for 10 years, 15% for the 11th year and 20% for the 12th year
  • Applicants need approval from the municipality prior to submittal

Class 7a and b 

  • Properties must be used for commercial purposes and the project must involve new construction, substantial rehabilitation, or the re-occupancy of abandoned industrial property.
  • 7a = projects less than $2 million
  • 7b = projects more than $2 million
  • Qualifying properties can apply to receive a 12-year reduction in real estate assessments from the standard commercial assessment rate of 25%

Class 8a MICRO

  • Properties must be used by a business that is certified by the State of Illinois' MICRO Act
  • Properties must be in a municipally designated MICRO area
  • Properties must be used for either commercial or industrial purposes, and must involve new construction, substantial rehabilitation or the re-occupancy of abandoned property
  • Qualified properties will receive a reduced assessment rate of 10% for 30 years, followed by the standard commercial/industrial assessment rate of 25%
  • The incentive is not renewable
  • Applicants need approval from their respective municipality prior to submittal to the County

Questions?

For more information, email Cook County Bureau of Economic Development public information officer Kyle Garmes at kyle.garmes@cookcountyil.gov.