The encouragement of private business investment, employment, the revitalization of communities suffering economic stagnation and the preservation and rehabilitation of landmark buildings.
Qualifications and Restrictions
The Department of Housing and Economic Development can pre-qualify certain projects but it is the Cook County Assessor's Office which authorizes and makes the legal determination of whether projects qualify for real estate tax incentives
Class 6(b), Class 7(a)/Class 7(b) 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. The Class L incentive lowers the property tax rate for individually-designated Chicago Landmarks or contributing buildings in a Chicago Landmark district.