Certificate of Rehabilitation

Rehabilitating your older home is rewarding in many ways, and with the Property Tax Assessment Freeze homeowners may be eligible for a financial incentive that can make the work even more attractive. The program freezes the assessed value of historic owner-occupied, principal residences for 8 years, followed by a four-year period during which the property’s assessed value steps up until the 12th year, when it will be at its then-current level. This program is administered free of charge to Illinois homeowners who sensitively rehabilitate their historic homes.

Conservation Stewardship Program

Landowners who wish to receive the special valuation for unimproved land provided by this law are required to prepare a Conservation Management Plan according to rules developed by the Department of Natural Resources (DNR).

Developer's Land

Section 10-30 of the Illinois Property Tax Code gives a preferential property assessment for acreage that is in transition from vacant land to a residential, commercial, or industrial use

Farm

Cropland, permanent pasture, other farmland and wasteland are the four types of farmland as identified by the Property Tax Code. Find out how this land is assessed and defined.

Forestry Management

Forest lands provide a variety of resources that make a significant environmental, economic and outdoor recreation contribution. The Illinois Forestry Development Act offers tax relief to forest landowners who make a long-term investment in their forestland through forest management.

Demonstration Home Assessment

This assessment allows a dwelling, condominium, or town home not occupied as a dwelling but used instead as a display or demonstration model for prospective buyers to be assessed at its value prior to construction or zoning classification change. No property shall be eligible for calculation of its assessed value under this Section for more than a 10-year period. For the purposes of this Section no corporation, individual, sole proprietor, or partnership may have more than a total of three model homes, town homes, or condominium units at the same time within a 3 mile radius. Failure to make a timely filing in any assessment year constitutes a waiver of the right to benefit for that assessment year.

Open Space Valuation

Land that is more than 10 acres in area and is used for open space purposes, may qualify for open space valuation.

Affordable Housing Tax Credit HB 2621, 35 ILCS 200/15-178