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Cook County Industrial & Commercial Property & Tax Incentives

Summary

The Class 6b classification is designed to encourage industrial development throughout Cook County by offering a real estate incentive for the development of new industrial facilities, the rehabilitation of existing industrial structures, and the industrial reutilization of abandoned buildings.

Goal

The goal of Class 6b is to attract new industry, stimulate expansion and retention of existing industry and increase employment opportunities.

How It Works

Under the incentive provided by Class 6b, qualifying industrial real estate would be eligible for a reduced assessment from the date that new construction or substantial rehabilitation is completed and initially assessed or, in the case of abandoned property from the date of substantial re-occupancy.

Properties receiving Class 6b will be assessed at 10% of market value for the first 10 years, 15% in the 11th year and 20% in the 12th year. This constitutes a substantial reduction in the level of assessment and results in significant tax savings.

In the absence of this incentive, industrial real estate would normally be assessed at 25% of its market value.

Eligible Properties

  • Industrial use, such as manufacturing, warehousing or distribution

  • New construction, substantial rehabilitation or reutilization of abandoned buildings

Location

Anywhere in Cook County Benefits

Assessment levels reduced from the industrial rate of 25% for 12 years:

  • 10% for 10 years

  • 15% in Year 11

  • 20% in Year 12

  • Return to 25% in Year 13

Requirements

Application to the Assessor and municipal resolution must be filed before construction of new buildings, or the substantial rehabilitation or reoccupancy of existing buildings begins.

Municipal resolution in support of application is required. More Information Questions regarding Class 6b may be directed to the Development Incentives Department of the Office of the Cook County Assessor by calling 312-443-7550.

For questions regarding the Village of Wheeling's Class 6b application process, please email the Department of Economic Development or call 847-459-2605.