New Property Tax Incentive!

A new property tax incentive passed the Illinois General Assembly in the landmark affordable housing omnibus and is now on to Governor Pritzker for signature.
The incentive establishes tiers of affordability and property tax relief:

• If buildings hold 35% or more of their units at affordable levels, they are eligible to receive a 35% decrease in assessed value; and
• If buildings hold between 15% and 35% of their units at affordable levels, they can receive a 25% reduction in their assessed value.

Property owners who comply with the terms of the program can receive the reduction for ten years, and they can renew for two additional 10-year terms (30 years total) if the Department of Buildings certifies they are in good condition.  
This policy emerged from a Preservation Compact working group that developed a proposal to provide meaningful property tax relief for multifamily rental properties.

Read more in this Crain’s article and stay tuned for more details on implementation!