On July 17, the Cook County Board approved an Amendment to the Class 8 and Class 6B Property Tax Classification Ordinance, that will encourage Significant Tax Breaks for More Business Development in Bremen, Rich, Calumet, Bloom and Thornton townships.
Due to the effects of the recession, current Vacant Building Owners can Secure New Business Tenants and apply for a 60 percent reduction in the property tax rate. With the amendment, the property can be vacant only 1 year, instead of 24 months, to qualify.
The Amendment was encouraged and supported by SSMMA, the CSEDC, and the Village of Tinley Park. Trustee Dave Seaman and Trustee Brian Maher of Tinley Park spearheaded the effort to approve this amendment to help economic development in the region.
Special thanks to Cook County Commissioners Joan Patricia Murphy and Liz Gorman for pushing this amendment through County Finance Committee.
For more information on this amendment, please contact the Incentives Division at the Cook County Assessor’s office at 312-443-7550.
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