The Illinois 2017 Annual Affidavit for Incentive Properties is a form that must be completed annually by owners of properties that have received incentives such as tax credits, low-interest loans, grants, or other forms of aid from the state of Illinois. The purpose of the affidavit is to ensure that owners of incentive properties are in compliance with the terms and conditions of the incentive agreement and are meeting the requirements of any applicable statutes, regulations, and ordinances. The affidavit must be submitted to the Illinois Department of Revenue no later than June 30th of each year. There are three different types of Illinois 2017 Annual Affidavit for Incentive Properties: 1. Affidavit of Compliance: This form is used to certify compliance with the terms and conditions of the incentive agreement and applicable statutes, regulations, and ordinances. 2. Affidavit of Non-Compliance: This form is used to document any non-compliance with the terms and conditions of the incentive agreement and applicable statutes, regulations, and ordinances. 3. Affidavit of Renewal: This form is used to renew an existing incentive agreement. It must be submitted no later than June 30th of each year.
Illinois 2017 annual affidavit for Incentive Properties
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How to fill out Illinois 2017 Annual Affidavit For Incentive Properties?
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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.
Class C. Designed to encourage industrial and commercial development throughout Cook County by offering a tax incentive for the remediation of contaminated properties including abandoned property or vacant land.
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.
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.
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.