Cook County offers various tax incentives to qualifying property owners. Among these incentives are the Class 6b and Class 8 incentive which are available to qualifying commercial and industrial property owners through Section 74-63 of the Cook County Code.
These incentives are generous and reduce taxes by 60% for 10 years, with a phase up of taxes in years 11 and 12. The incentives are available for newly constructed, substantially rehabilitated property, additions to existing buildings or re-occupied vacant buildings (referred to as “abandoned property” in the law). For commercial properties, Class 8 also requires that the property be located in a blighted area1 . Class 6b does not include the blight requirement. Both Class 6b and Class 8 tax incentives have renewal provisions which give owners the opportunity to file to have the incentives renewed if a timely renewal application is filed during the 10th, 11th and 12th year of the incentive.
Full article is below.