Tax breaks could help fill ‘gaping holes’ on Oak Park Avenue
Amendment could benefit Tinley Park property owners with vacant properties
A recent tax break approved by the Cook County Board could help Tinley Park property owners fill vacant buildings, village officials announced.
The county board on July 17 approved an amendment to the Class 8 and Class 6B Property Tax Classification Ordinance that will allow “significant tax breaks” for business development in Bremen, Rich, Calumet, Bloom and Thornton townships, according to Tinley Park officials.
Both Bremen and Rich are in Tinley Park, said Trustee Dave Seaman, chairman of the village’s Finance and Economic Development Committee.
The new amendment is a “minor change” to existing law, according to Trustee Brian Maher, but it’s expected to make a difference for local business owners with vacant properties.
Under the previous law, property owners who have vacant properties for two years could be given a 60 percent property tax reduction.
With the change, the village will be allowed to recommend that certain properties that have been vacant for more than 12 months receive cuts on their property tax rates, Maher said…Please click here to read Gregory Pratt’s full article in the Tribune.