The Illinois Triennial Affidavit for Incentive Properties is a document used to verify that a property is eligible for certain incentive programs available through the state of Illinois. These incentives may include tax exemptions, abatement, credits, and other forms of financial assistance. The affidavit must be filed every three years and is used to demonstrate that the property meets all necessary requirements for the incentive program. There are three types of Illinois Triennial Affidavit for Incentive Properties: Residential, Commercial, and Industrial. The Residential Affidavit is used to verify that a residential property is eligible for a certain incentive program. The Commercial Affidavit is used to demonstrate that a commercial property is eligible for an incentive program. Finally, the Industrial Affidavit is used to verify eligibility for an incentive program for an industrial property.
Illinois Triennial affidavit for Incentive Properties
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Class 7b. Intended to encourage commercial projects in areas determined to be "in need of commercial development. These projects have total development costs, exclusive of land, that EXCEED two million and would not be economically feasible without the incentive.
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.
The Class 7c 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.
You will qualify for the property tax credit if: your principal residence during the year preceding the tax year at issue was in Illinois, and. you owned the residence, and. you paid property tax on your principal residence (excluding any applicable exemptions, late fees, and other charges).
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
This credit is generally 5% of the property tax you paid during the tax year for real estate that included your principal residence. For more information about the property tax credit, please refer to Publication 108, Illinois Property Tax Credit.
Cook County Class 9 Program offers a 50% reduction in assessments and taxes to developers who complete major rehab on multifamily buildings and keep rent below certain levels.
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.