The Illinois Class 6b application is a tax incentive program that provides property tax abatement for newly constructed or substantially rehabilitated commercial, industrial, or mixed-use real estate projects in economically depressed areas. The program is administered by the Illinois Department of Commerce and Economic Opportunity. Eligible projects may receive a property tax abatement of up to 12 years, with the abatement declining annually over the course of the abatement period. The two types of Illinois Class 6b applications are New Construction and Substantial Rehabilitation. The New Construction application is for projects that involve the construction of new commercial or industrial buildings, or the construction of a mixed-use building that includes both commercial and residential components. The Substantial Rehabilitation application is for projects that involve the substantial rehabilitation of existing commercial or industrial buildings, or the substantial rehabilitation of a mixed-use building that includes both commercial and residential components.
Illinois Class 6b application
Description
How to fill out Illinois Class 6b Application?
If you’re searching for a way to appropriately complete the Illinois Class 6b application without hiring a lawyer, then you’re just in the right spot. US Legal Forms has proven itself as the most extensive and reputable library of formal templates for every private and business situation. Every piece of documentation you find on our web service is designed in accordance with federal and state laws, so you can be certain that your documents are in order.
Adhere to these straightforward guidelines on how to get the ready-to-use Illinois Class 6b application:
- Ensure the document you see on the page meets your legal situation and state laws by checking its text description or looking through the Preview mode.
- Enter the document name in the Search tab on the top of the page and choose your state from the dropdown to locate an alternative template in case of any inconsistencies.
- Repeat with the content check and click Buy now when you are confident with the paperwork compliance with all the demands.
- ​Log in to your account and click Download. Sign up for the service and select the subscription plan if you still don’t have one.
- Use your credit card or the PayPal option to pay for your US Legal Forms subscription. The blank will be available to download right after.
- Choose in what format you want to get your Illinois Class 6b application and download it by clicking the appropriate button.
- Add your template to an online editor to complete and sign it quickly or print it out to prepare your paper copy manually.
Another great thing about US Legal Forms is that you never lose the paperwork you acquired - you can find any of your downloaded templates in the My Forms tab of your profile any time you need it.
Form popularity
FAQ
The program requirements include: The property must have been your primary residence for at least 3 years, You must have property insurance, Taxes cannot be delinquent, If there is a mortgage on the property, the lender must approve the tax loan, Multiple annual loans are permitted,
The Class 7b classification is designed to encourage commercial development throughout Cook County by offering a real estate incentive for the development of new commercial facilities, the rehabilitation of existing commercial structures, and the commercial reutilization of abandoned buildings on properties that have
This annual exemption is available for property that is occupied as a residence by a person 65 years of age or older who is liable for paying real estate taxes on the property and is an owner of record of the property or has a legal or equitable interest therein as evidenced by a written instrument, except for a
The standard personal exemption is calculated using the basic exemption amount of $2,050 plus the cost-of-living adjustment. For tax years beginning January 1, 2022, it is $2,425 per exemption. If someone else can claim you as a dependent and your Illinois income is $2,425 or less, your exemption allowance is $2,425.
Class 6b. Designed to encourage industrial development throughout Cook County by offering a real estate tax incentive for the development of new industrial facilities, the rehabilitation of existing industrial structures, and the industrial reutilization of abandoned buildings.
About the Class 8 Tax Incentive Qualifying buildings will be assessed at 10% of market value for 10 years, 15% in the 11th year and 20% in the 12th year. This is a significant reduction from the standard assessment level of 25% for industrial and commercial properties.
Senior Citizens Real Estate Tax Deferral Program allows persons 65 years of age and older, who have a total household income of less than $65,000 and meet certain other qualifications, to defer all or part of the real estate taxes and special assessments on their principal residences.
Taxpayers whose primary residence is a single-family home, townhouse, condominium, co-op or apartment building (up to six units) are eligible. First-time applicants must have been the occupants of the property as of January 1 of the tax year in question.