Illinois Historic Resident Freeze-2017 is a program created by the Illinois Department of Revenue (IDOL) to protect homeowners from property tax increases resulting from reassessments of their homes. The program freezes the assessed value of a residence at the level it was at on January 1, 2017. It applies to all Illinois homeowners who lived in their residence as of January 1, 2017, and who are the current owners of the residence. There are two types of Illinois Historic Resident Freeze-2017: the Homeowner Exemption and the Senior Citizen Assessment Freeze Homestead Exemption. The Homeowner Exemption provides a freeze of the assessed value of a residence at the level it was at on January 1, 2017. It applies to all Illinois homeowners who lived in their residence as of January 1, 2017, and who are the current owners of the residence. The Senior Citizen Assessment Freeze Homestead Exemption provides an additional freeze of the assessed value of a residence at the level it was at on January 1, 2017, for those who are 65 years or older, and who meet certain criteria.
Illinois Historic Resident Freeze-2017
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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.
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
The Illinois Revenue Act (35 ILCS 200/Art. 10 Div. 4) provides owner-occupants with an eight-year freeze on the assessed value of their historic residences. After the eight-year assessment freeze period, there is a four-year period during which the property's assessed value steps up to its current amount.
Property Tax Freeze for Historic Residences What it does: Freezes property taxes over a 12-year period for rehabilitating an owner-occupied single-family home, condominium, cooperative unit, or a multi- family building of up to 6 units (where one of the units is owner-occupied).
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.
Class 8 Property Tax Incentive The Class 8 program offers reduced Cook County property tax rates on commercial and industrial projects in areas experiencing severe economic depression. Qualifying properties can receive a 12-year reduction in real estate assessments from the standard Cook County rate of 25 percent.
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.
