|
|
|
Assessment Level |
|
Class 6A |
Any newly developed, substantially rehabilitated, or
reutilized industrial facility located anywhere in |
30% for 8 years instead of 36%. |
|
Class 6B |
Any newly developed, substantially rehabilitated, or reutilized industrial facility used primarily for manufacturing purposes or located in an Enterprise Zone. The business must obtain municipal approval indicating the incentive is necessary before applying to the Assessor. In addition, the application to the Assessor must be filed before commencement of construction of new buildings, or the substantial rehabilitation or reoccupancy of existing buildings. This incentive applies to all Class 6A real estate located for 8 years in an "Enterprise Zone" where there is either (a) new construction, or (b) substantial rehabilitation or (c) substantial reoccupancy of abandoned property. |
16% for 8 years instead of 36%, 23% in 9th year, 30% in 10th year, in 11th year it reverts to 36%. |
|
Class 7A and 7B |
Newly developed, substantially rehabilitated, or
reutilized commercial facilities. This incentive is available to specific
commercial developments that would not be economically feasible without the
incentive. The business must obtain local approval of the incentive before
applying to the Assessor. The approval also must state that the Class 7
incentive requirements have been met. Before determining eligibility, the
Assessor conducts a public hearing. Construction can proceed only after
certification of the project. This incentive applies to real estate primarily
used for commercial purposes where there is (a) new construction, or (b)
substantial rehabilitation or (c) substantial reoccupancy
of abandoned property, located in an area in need of commercial development.
For Class 7B, the Assessor submits the application to |
16% for 8 years instead of 38%, 23% in year 9, 30% in year 10, return to 38% in year 11. |
|
Class 8 |
New developed, substantially rehabilitated, or reutilized
industrial or commercial facilities in areas experiencing extraordinary
deterioration and economic depression. For this largest incentive, a municipality
asks the Assessor to certify the area as "severely blighted", i.e.,
showing severe socio-economic decline. Following certification, the
municipality must approve the project as consistent with an overall
rehabilitation plan for the area. This is the largest tax incentive offered
by |
16% for 10 years instead of 36% or 38%, 23% in year 11, 30% in year 12, return to 36% or 38% in year 13. |
|
Class 9 |
Existing multi-family building having seven or more rental units located in a "targeted" area which is to undergo major rehabilitation. A half must be low- or moderate income tenants. |
16% for 8 years instead of 33%. |
Go to Government Incentives for Illinois Businesses Table of Contents
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