Canonical program record
Cook County Class 7c Property-Tax Incentive
Qualifying commercial new construction, rehabilitation, or reoccupation may receive a shorter reduced property assessment after required approvals.
What this mechanism does
- Mechanism type
- Property-tax classification
- Economic effect
- Recover value later
- Administrator
- Cook County Assessor's Office
- Amount or value
- Qualifying property is generally assessed at 10% for three years, 15% in year four, and 20% in year five.
- Cash-flow timing
- A later property-tax assessment effect, not a grant or construction advance.
- 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
File Class 7c through the required sequence before project work or reoccupation
Date or rangeBefore construction, rehabilitation, or reoccupation
Beginning construction, rehabilitation, or reoccupation before the required filing and approvals may make the property ineligible.
Date last verified
Project fit and limits
Eligibility conditions to confirm
- The commercial property and project must satisfy the Class 7c eligibility bulletin and local approval requirements.
- The eligibility application must be filed before new construction, substantial rehabilitation, or reoccupation begins.
Eligible costs described by the authority
- Qualifying commercial new construction, rehabilitation, and reoccupation projects
Ineligible or excluded costs
- Projects begun before required filing or approval
- Projects that do not meet Class 7c property and use requirements
Friction to plan for
- File before construction, substantial rehabilitation, or reoccupation begins.
- Local support, Assessor review, supporting documents, and filing fees apply.