Canonical program record
Cook County Class 7a and 7b Property-Tax Incentives
Qualifying commercial development may receive a reduced assessment when the project is in an area needing commercial development and would not be economically feasible without the incentive.
What this mechanism does
- Mechanism type
- Property-tax classification
- Economic effect
- Recover value later
- Administrator
- Cook County Assessor's Office
- Amount or value
- Qualifying commercial property is generally assessed at 10% for ten years, 15% in year 11, and 20% in year 12.
- Cash-flow timing
- A later property-tax assessment effect, not up-front project cash.
- Upfront cash
- Required
- Repayment
- Not a repayable mechanism
- Program lifecycle
- Case-managed
- Visitor treatment
- Confirm this condition first
A case-managed administrator must confirm the current route and sequence.
Important dates and consequences
No separate material date is recorded for this edition. Current status still requires the verification dates shown in this record.
Project fit and limits
Eligibility conditions to confirm
- The property, commercial use, local support, investment, vacancy, and but-for requirements must be satisfied.
- Class 7a generally covers development costs not exceeding $2 million; Class 7b generally covers costs above $2 million, exclusive of land.
Eligible costs described by the authority
- Qualifying commercial real-estate development or rehabilitation under the applicable class
Ineligible or excluded costs
- Projects that do not satisfy the applicable area, feasibility, cost, use, and approval rules
Friction to plan for
- The exact property and project class must be determined before filing.
- Local support, Assessor review, filing fees, and precommitment sequencing apply.