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Find out how your neighbor is rehabbing and lowering his bills, getting better rent, and choosing his tenants.

Class 9 incentive 

 The goal of Class 9 is to encourage the rehabilitation and new construction of multifamily rental housing so as to increase and improve the stock of decent, safe and affordable housing for low- and moderate-income households in Cook County.

Under the incentive provided by Class 9, qualifying multifamily residential real estate will be eligible for a 16% level of assessment for ten years from the date of completion of major rehabilitation and, upon application and approval of the Assessor, extensions of the incentive for up to two additional ten year terms.  Both the land and the building will be assessed at the 16% level.  Since multifamily residential real estate is ordinarily assessed at 33% of its market value, the incentive benefit constitutes a 51% reduction in the level of assessment and results in a significant tax saving.

 

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