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Property Tax Incentives for Special Commercial and Industrial Development

Class 6b

The Class 6b classification is designed to encourage industrial development throughout Cook County by offering a real estate
incentive for the development of new industrial facilities, the rehabilitation of existing industrial structures, and the industrial
reutilization of abandoned buildings.  The goal of Class 6b is to attract new industry, stimulate expansion and retention of existing industry and increase employment opportunities.

Under the incentive provided by Class 6b, qualifying industrial real estate would be eligible for a reduced assessment from the date that new construction or substantial rehabilitation is completed and initially assessed or, in the case of abandoned property from the date of substantial re-occupancy.  Properties receiving Class 6b will be assessed at 10% of market value for the first 10 years, 15% in the 11th year and 20% in the 12th year.  This constitutes a substantial reduction in the level of assessment and results in significant tax savings.  In the absence of this incentive, industrial real estate would normally be assessed at 25% of its market value.

Questions regarding Class 6b may be directed to the Development Incentives Department of the Office of the Cook County
Assessor by calling (312) 443-7550,  or visit www.cookcountyassessor.com.

For questions regarding the Village of Wheeling's Class 6b application process, please contact the Department of Economic Development by calling (847) 45-9-2605, or email ed@wheelingil.gov.

Click here to download the Procedures and Application for the Village of Wheeling Consideration of Cook County Real Estate Classification 6b.  

Eligible properties:

• Industrial use, such as manufacturing, warehousing or distribution

• New construction, substantial rehabilitation or reutilization of abandoned buildings

• Location anywhere in Cook County

Benefits:

Assessment levels reduced from the industrial rate of 25 percent for 12 years:

10% for 10 years
15% in Year 11
20% in Year 12
Return to 25% in Year 13

Requirements:

• Municipal resolution in support of application, and

• Application to the Assessor and municipal resolution must be filed before construction of new buildings, or the substantial rehabilitation or reoccupancy of existing buildings begins.