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Cook County offers the Class L property tax incentive to encourage the preservation and rehabilitation of landmark commercial, industrial, and income-producing non-for-profit buildings. Owners can have their property tax assessment levels reduced for a 12-year period provided they invest at least half of the value of the landmark building in an approved rehabilitation project.
Under the the Class L incentive, the assessment levels for the improvement or building portion of the assessment are reduced to 10 percent for the first 10 years, 15 percent in year 11, 20 percent in year 12, and back to the regular assessment level in year 13. The other portion of the assessment, the land portion, is also eligible for the incentive if the building has been vacant or unused continuously for the prior two years.
While the Class L incentive is a Cook County incentive program, the City of Chicago must support granting the incentive. For more information about the incentive and requirements, contact the Historic Preservation Division.