New Property Tax Relief!

Check out the incentive table to see how it works and what the requirements are to qualify for the new relief!

The Preservation Compact and the Illinois Housing Council will be hosting a webinar about the new incentive in September. Be on the lookout for registration details coming soon!

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.

Read more about the incentive from the Chicago Tribune.