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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.
CIC will be presenting a webinar about this on 9/23/21 — see details below.
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.
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New construction permits pulled in Chicago in the last 2 months since Monday, July 26th, 2021
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