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Home / Practice Areas / Property Tax Abatements

Chicago Attorneys Advise Clients on Property Tax Abatement Programs

Prudent planning to give landlords every economic advantage

If you own or are thinking of buying real estate in the greater Chicago area, it’s imperative that you get reliable advice on tax abatement programs offered by the Cook County Department of Planning and Development. Rieff Schramm Kanter & Guttman LLC has been helping residential and commercial landlords manage tax issues for more than 20 years. We can help you take advantage of a broad range of financial incentive programs to reduce your tax burden and improve your bottom line.

Cook County tax abatement programs

Cook County offers a range of tax abatement programs to encourage private enterprise to develop and renew blighted urban areas. These programs are often linked to job creation, which spurs economic growth and in turn increases overall tax revenue for the area. Our attorneys have comprehensive knowledge of programs offered to commercial, retail, industrial, and nonprofit organizations, especially tax abatements, such as:

  • Class 6(b) Property Tax Incentive — This incentive offers a 12-year reduction in real estate assessments from the standard 25 percent rate for Cook County property to 10 percent for the first 10 years, 15 percent for the 11th year and 20 percent for the 12th year. Renewal for an additional 12-year term is possible. Qualifying properties must be used for industrial purposes and involve new construction, substantial rehabilitation, and/or re-occupancy of abandoned industrial property.
  • Class 7(a) and 7(b) Tax Incentive — This program offers property tax incentives for commercial projects in specific spots designated as a Redevelopment Area, Empowerment, or Federal Enterprise Zone. Applicants receive a reduction in real estate assessments from 25 percent to 10 percent for the first 10 years, then 15 percent for the 11th year, and 20 percent for the 12th year.
  • Class 7(c) Tax Incentive — The Commercial Urban Relief Eligibility (CURE) program offers real estate tax incentives for commercial properties without regard to where they are located and with no minimum investment required. Qualifying properties receive a three-year reduction in real estate assessments from 25 percent to 10 percent for the first three years, 15 percent for the fourth year and 20 percent for the fifth year. Properties must involve new construction, substantial rehabilitation, and/or re-occupancy of abandoned commercial property.
  • Class 8 Property Tax Incentive — This program applies to property in areas experiencing severe economic depression. Qualifying real estate receives reduced rates equal to those under the 6(b) incentive.
  • Class C Property Tax Incentive — This program applies to property that has substantial environmental contamination requiring remediation at a cost of more than $100,000 or 25 percent of the property’s market value. Rates are the same as the 6(b) incentive.
  • Class L Property Tax Incentive — This program encourages rehabilitation of official City landmarks or contributing buildings in designated landmark districts. Qualifying properties are assessed at 10 percent for the first 10 years, 15 percent for the 11th year and 20 percent for the 12th year. Rehabilitation must meet or exceed the U.S. Department of the Interior’s standards. Eligible property can be commercial, industrial, multifamily residential, or used for not-for-profit purposes.
  • Enterprise Zone Program — Businesses located within any of Chicago’s six enterprise zones are eligible for a long list of Illinois tax incentives, exemptions, and other benefits.

In addition to helping your property qualify for generous abatements, our firm reviews appraisals to ensure your property tax is correctly calculated.

Contact a respected Chicago law firm for real estate and tax issues

Don’t let an excessive real estate assessment drain your company resources unnecessarily. Get reliable property tax advice from a reputable Chicago law firm. Call Rieff Schramm Kanter & Guttman LLC at 331-310-0855 or contact our Chicago office online for a free consultation.