Cook County offers tax abatement programs to encourage private enterprise to develop in the county and maintain and increase job opportunities, thereby resulting in an increased tax base for the entire county. Currently, the property taxes for industrial properties are assessed at 25% of the fair market value of the property. Property approved under these abatement programs allow the owner a property assessment of 10% for a period of twelve years, resulting in a sizeable reduction of property tax due on the property.
In order to be eligible for Class 6B Abatement, the property must be used for an industrial purpose and, in addition, one of the following criteria must be met:
• New Construction
• Buying a building that has been vacant for one year or more
• Substantial renovation to an existing building
In order to be eligible for Class C Abatement, the property must be used for an industrial purpose and, in addition, the following criteria must be met:
• Because of contamination, said real estate must undergo environmental testing and remediation and receive a “No Further Remediation” letter from the Illinois Environmental Protection Agency
• The remediation costs total at least $100, 000
Since these programs are offered by Cook County, the applications are made to the County. However, the application must be accompanied by a resolution adopted by Elk Grove Village supporting the application. The Village has supported over three hundred such applications since the inception of these programs in 1984.
If you would like more information about these programs and the necessary procedures and paperwork involved, please contact the Assessor's Office, Development Incentives Department, (312) 603-7529
If you would like to speak with someone from Elk Grove Village about this program, please call Josh Grodzin, Director of Business Development and Marketing at (847) 357-4005 or Nick Radcliffe, Senior Management Analyst at (847) 357-4013.