PROPERTY TAX INCENTIVE UPDATE
The Cook County Board of Commissioners has recently amended the Property Tax Classification Ordinance to broaden the opportunities to qualify for a property tax incentive. The new programs, SER and TEERM, need to be viewed in the context of the current Class 6b and Class 8 criteria. While the incentives will not apply to everyone, many businesses that qualify may not realize their eligibility. Because the incentives have the practical effect of reducing a building’s property taxes by approximately 50%, it is important to understand the opportunities available. The attached article from one of our Chamber Members, Sandrick Law Firm (Tax Incentives Information) summarizes the Class 6b and Class 8 programs . Please call Sandrick Law Firm for further details on eligibiltiy or other tax incentive questions you may have: 312-867-1515.