To attract new industry and increase economic and employment opportunities, Cook County offers several property tax incentives to encourage the development or revitalization of commercial and industrial properties.
Class 6 b, Class 7a, b, c, and Class 8 incentives lower property tax burdens for new and expanding businesses. For qualifying projects, rates can be lowered by more than 50 percent for up to 12 years.
For Industrial Properties:
For Commercial Properties:
Class 6 b: Provides a reduced level of assessment to properties that are used primarily for industrial purposes where the owner has substantially rehabilitated an existing facility or reoccupied an abandoned one. The property receives a 16% assessment level for the first 10 years, 23% in the 11th year and 30% in the 12th year before returning to the full 36% industrial assessment level in the 13th year.
Class 7: For commercial properties located in areas in need of commercial development. As with Class 6, the incentive extends to new or substantially rehabilitated facilities or to reoccupied abandoned properties. The property receives a 16% assessment level for the first 10 years, 23% in the 11th year and 30% in the 12th year, before returning to the full 38% assessment level for commercial properties in the 13th year.
Class 7a and 7b: Class 7(a) has a simpler application process and extends to commercial properties where the total development costs do not exceed $2 million. Class 7(b) has a somewhat lengthier application procedure and extends to properties where the total development costs exceed $2 million.
Class 8: For both commercial and industrial properties, Class 8 provides a reduced level of assessment to properties where the owner has developed a new or substantially rehabilitated facility or has reoccupied an abandoned property.
Note: The Village of Tinley Park does not issue grant reclassification incentives. This is a county incentive that the Village may support. A Village application is required in order to begin the process.
If you have any questions regarding Cook County incentives or information on how to apply, contact Carolyn Mitera at (708) 444-5170
For more information on the Cook County Property Tax Incentive Program click here