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Economically Depressed Area Property Tax Reduction (Class 8)

Published on January 12, 2011 - 11:50am

Offers reduced property tax rates on commercial and industrial projects in areas experiencing severe economic depression.

Eligible Business Type: 
Office
Industrial
Eligible Business Size: 
0-25 employees
25-100 employees
100+ employees
Administrator: 
Cook County
Benefits: 

Property tax savings from reduced assessment level for the twelve years following the project's completion. Properties will be assessed at 10% of market value for the first ten years, 15% in year eleven, and 20% in year twelve.

Eligibility: 

Projects must be located in areas in need of substantial revitalization and may include new construction, rehabilitation, and reutilization of abandoned properties for industrial or commercial use.

Source: 
Cook County

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Credits: Thanks to the City of Chicago Data Portal for providing many of these map layers, and to Derek Eder for cleaning some of them up. Thanks to Rofo.com for providing the commercial real estate layers. If there are other properties you'd like to see listed you can add them through Rofo.

Disclaimer: The Site Selector app is for estimation purposes only. World Business Chicago makes no representations as to accuracy, completeness, correctness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information. Identified incentive programs are under the exclusive control and administration of the City, County and State respectively. All information is provided on an as-is basis. Please contact us for more information on the best place to locate your business.

This is an area-wide incentive program.

Amenities & Other Mappables
Listings courtesy of Rofo.com are a snapshot of properties available. Please contact us for a full consultation.
Listings courtesy of Rofo.com are a snapshot of properties available. Please contact us for a full consultation.
Areas zoned for commercial and industrial use
Zoned to limit residential development in manufacturing areas in order to maintain real estate prices
Uses tax levies to assist organizations & businesses within designated areas with projects including maintenance, beautification, marketing, advertising, security.
Theaters and performing arts centers
Roads with cycle lanes and other bicycle-friendly paths
Information based on City of Chicago reports. For inquiries please contact Robert Wolf, City of Chicago, 312-744-LAND, robert.wolf@cityofchicago.org.
Information based on City of Chicago reports. For inquiries please contact Robert Wolf, City of Chicago, 312-744-LAND, robert.wolf@cityofchicago.org.
Information based on City of Chicago reports. For inquiries please contact Robert Wolf, City of Chicago, 312-744-LAND, robert.wolf@cityofchicago.org.
Information based on City of Chicago reports. For inquiries please contact Robert Wolf, City of Chicago, 312-744-LAND, robert.wolf@cityofchicago.org.
Public and private
For detailed information visit TransitChicago.com
For detailed information visit TransitChicago.com
For detailed information visit MetraRail.com
For detailed information visit MetraRail.com
Public and private
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