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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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A screenshot of Chicago Cityscape’s Incentives Checker showing that this location in Chicago’s River West neighborhood is eligible for the HB 2621 property tax incentive.

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Permits pulled

New construction permits pulled in Chicago in the last 2 months since Thursday, July 22nd, 2021

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