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Latest blog post Tuesday, September 21, 2021
Where the new state-enacted property tax incentive applies
by Steven Vance
The Illinois government adopted a new incentive this summer intended to generate and maintain affordable housing across the state by offering significant reductions in a property’s assessed value. The legislation was co-developed and pushed by Preservation Compact, an coalition-like initiative housed at the Community Investment Corporation, a non-profit lender.
The incentive of HB 2621 is to attain a reduction in assessed value — something many property owners do every year when they “appeal their taxes” — as that can lead to significant reductions in property taxes.
Preservation Compact describes the legislation as having three incentive tiers: Tiers 1 and 2 will work across Illinois and offer different reductions in a property’s...
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