Effective January 1, 2022, the Affordable Housing Special Assessment Program in Cook County, Illinois offers up to a 35% annual assessment reduction for affordable housing projects that qualify. If rehabilitation or new construction has been performed since the start of 2015, and a minimum of 15% of the units are considered affordable, the property qualifies for this new property tax incentive.

The SALT Property Tax Practice has successfully worked throughout 2022 to get applications approved for properties with a total market value of $130 million. Once formally approved, the revised value for these properties will be reduced by $45.5 million under the program. This results in an estimated $1 million annual tax savings for up to 30 years.

Please contact RubinBrown to determine if your affordable project qualifies for this new property tax incentive.

Published: 2/6/2023

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