Cook County Property Tax Classification Programs
The Cook County Assessor's Office provides several property tax classification programs aimed to promote significant investment through the redevelopment or substantial rehabilitation of qualifying industrial or commercial properties. The County programs provide for reduced assessment levels initially, with the assessment levels than incrementally increasing over an established timeframe until the property reaches its full assessment level. The two Cook County programs/classifications that could most likely apply to properties in the Village of Palatine include the 6b and 7c classifications. Some details regarding these two programs are as follows:
- Class 6b: This program is designed to encourage industrial development throughout Cook County by offering a real estate tax incentive for the development of new industrial facilities, the rehabilitation of existing industrial structures, and the industrial reutilization of abandoned buildings.
- Class 7c: The program is intended to encourage commercial projects which would not be economically feasible without assistance. The classification could apply to newly constructed buildings or other structures, the utilization of vacant structures, or buildings that are substantially rehabilitated to the extent such rehabilitation has added to their value.
To view more details related to these County programs, including eligibility and application requirements, please click on the following link:
Please note that the Village of Palatine plays a limited role in Cook County's application process. As outlined in the County's program materials, any application with the County for a property within the corporate limits of the Village of Palatine must include a resolution or ordinance approved by Palatine's Village Council expressly stating its support and consent to the filing of an application with Cook County. The acceptance, review, and final determination (approval or denial) of any application related to the County's tax classification/incentive programs is ultimately at the County's sole discretion.