South suburban elected officials optimistic about getting blighted sites back on tax rolls
The office building located at 4343 Lincoln Highway in Matteson has an annual tax bill of $500,000.
South suburban elected officials say they are “cautiously optimistic” about legislation advancing in the General Assembly that they say would help bring blighted properties back on the tax rolls.
Bills in the Illinois House and Senate would lower tax bills for some commercial and industrial properties, with an eye toward making them more attractive for redevelopment.
That, in turn, could help ease the tax burden on homeowners and other businesses that have had to make up for the loss of property taxes paid on those properties, officials said.
The Southland Tax Reactivation Act is proposed as a pilot program involving sites owned by the Cook County and South Suburban land bank authorities…Please click here to read Mike Nolan’s story in the Tribune/Daily Southtown.
See related story: Southland Reactivation Act introduced in Illinois Senate.